Due to the frequency of financial fraud, elders can be vulnerable to scams. Specifically, financial elder abuse is rapidly on the rise and should not be taken lightly. A 2012 study by Met-Life Mature Market Institute and the National Committee reports about “$2.9 billion were emptied out from bank accounts by guardians” using sweepstakes and other fraudulent scams. Moreover, the study alleges a “12% increase of financial elderly abuse from 2008.”
Financial elder abuse is incontestably occurring more often as young adults age into their senior years. A recent study from UCLA discovers that elder abuse may be related to the “muted” activities of the anterior insula in the brain, an area triggering a person’s “gut-feelings” through social interactions with strangers. The study shows the phenomenon is evident among seniors ages 55 or older. The UCLA study also concludes dormancy of the anterior insula inhibits the negative effect, leading seniors to deem others as positively trustworthy when clear physical cues (i.e. “insincere smiles and averted eyes”) signal otherwise.
If you suspect financial elder abuse, or fear exploitation for yourself or a loved one, The Evans Law Firm recommends to seek advice from an experienced attorney. For an attorney with experience in elder abuse cases, contact The Evans Law Firm at firstname.lastname@example.org or by phone 415-441-8669 or toll-free at 888-503-8267.