What is the Difference Between Elder Fraud and Elder Financial Abuse?

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What is the Difference Between Elder Fraud and Elder Financial Abuse?

The financial victimization of people, especially the older population, is a tale as old as time. When the elderly become the target of financial exploitation schemes, two practices emerge as the leading ways the elderly get caught up in such schemes - elder fraud and elder financial abuse. At the crux of the two is the identity of the perpetrator. Elder financial abuse is often committed by people in positions of trust. Elder fraud is committed by predatory strangers.

Majority of Fraud and Financial Exploitation Victims Performed Poorly on Cognitive Functioning and Financial Decision Making

According to the National AdultProtective Services Association (NAPSA), most fraud victims do not have trusted family or friends assisting them with their financial decisions when they become the targets of the elder financial abuse or elder fraud perpetrators. NAPSA investigated this issue head-on in a study on the financial exploitation and fraud cases among elderly victims in California. Among the keys finding were:

●       At the time the victim’s assets are taken, there are significant differences in the physical health and cognitive functioning of the elder victim;
●       Elder fraud victims were significantly less likely to have children and also had fewer relatives nearby; and
●       Social isolation is a tactic of undue influence to further manipulate and control victims.

Absence of Close Relatives and Children and Social Isolation Create Opportunity for Different Crime Structures


Some elder fraud and elder financial abuse victims develop close relationships or romantic relationships with the perpetrators. While manipulative in nature, to the victim, the relationships are authentic and real. The perpetrators limit and control their victim’s social network creating a sense of emotional dependency.

National Senior Fraud Awareness Day

In a resolution introduced by Senator Susan Collins of Maine, the U.S. Senate designated May 15th as “National Senior FraudAwareness Day.” The purpose of the designation according to the Congressional Record is to “raise awareness about the increasing number of fraudulent schemes targeted at older people of the United States, to encourage the implementation of policies to prevent these scams from happening, and to improve protections for these scams for seniors.”

Awareness of the problem and supervision of relatives, even if distant, are two ways to combat the potential for abuse when it relates to elder fraud and elder financial abuse. The appointment of a guardian to oversee financial decisions is a legal method that protects an elderly person, especially if there are cognition or other health related issues that affect the individual’s ability to make financial decisions. Contact the Hackensack, NJ elder law attorneys at the Giro Law Firm for more information about how to protect yourself.

Why Elder Law? Contact the Giro Law Firm for Your Family’s Aging Needs

The Giro Law Firm is a New Jersey and New York law firm located in Hackensack, NJ that handles a wide range of legal matters that affect the elderly and disabled populations, including retirement, guardianship, health care, long term care planning, Social Security, Medicare/Medicaid, among other legal services. To request a consultation, click here or call (201) 690-1642.

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