PROTECT Week is a Time to Focus on Elder Fraud

Annapolis MD

13 June, 2022

9:29 AM

Description

Financial exploitation of vulnerable adults is rarely front-page news. But it happens so often and with such devastating consequences to victims that it is regarded by law enforcement agencies and advocacy organizations as one of the 21st century's most alarming crimes. Every year, thousands of older Americans fall prey to financial criminals, who are often family members or friends of the victims. The first line of defense in preventing these fraudulent acts is education. That is why I partnered with the Maryland Attorney General's Office, Maryland Department of Aging, AARP, Consumer Credit Counseling Services of Maryland, ELDER Safe and others to establish PROTECT Week to highlight this common, yet often unreported crime. PROTECT Week, which this year runs from June 13-17, is an annual event coinciding with World Elder Abuse Awareness Day to educate Marylanders about elder financial exploitation and to equip them with the necessary tools to help victims recover. This year, we are excited to return to some in-person events, while retaining several virtual events to accommodate those who remain at greater health risk. Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult to benefit themselves, frequently without the explicit knowledge or consent of the victim. According a 2021 FBI report, nearly 2,100 elder victims in Maryland lost almost $38 million to fraud. Considering only one in 44 victims file a police report, it's likely that the actual impact is much higher. More importantly, victims face severe and lasting financial loss that can't be recouped since many have already retired and live on a fixed income. Consequently, their standard of living declines; their ability to pay for food, medication and other expenses is jeopardized; and their mental and physical well-being is compromised. Since the start of the pandemic, we've seen a drastic uptick in these crimes and we must work together to stop these predators. We urge all seniors to keep their elbows up and remember some important tips: Don't answer telephone calls from people you don't know; Don't click links in emails or text messages; Reconcile bank, insurance and medical statements; Never sign a check without first having filled in the recipient and proper amount; Never share your personal information, Medicare or Social Security numbers by phone or email; and If you are concerned about a financial decision, speak to someone you trust before handing over money. As always, if something sounds too good to be true, it probably is. Do your research, consult with knowledgeable people, and don't be pressured into making decisions you don't understand or haven't fully considered. Together, we can prevent elder financial exploitation by educating seniors, families and caregivers. I urge everyone to visit www.protectweek.org to find out how to defend against elder fraud, read about the latest scams and view the full listing of PROTECT Week events. Join us Monday, June 13 at 10 A.M. for the PROTECT Week press conference or watch live on the AARPMD Facebook page. Peter Franchot, Comptroller of Maryland