Are Your Elderly Parents Being Financially Exploited?

Picture this scenario at the bank: A woman walks into her branch with her 25-year-old grandson and they’re ready to transfer $4,000 or so out of Grandma’s account into his. Is the grandson running a scam? And, if so, can the bank do anything to stop it?  Maybe, yes, on both counts.  “People are literally being robbed every day through scams or financial exploitation from members of their own family,” said Debra Whitman, executive vice president and chief public policy officer at AARP.   The average victim can lose $120,000 to financial exploitation, according to AARP research. Repeated, out-of-the-ordinary cash withdrawals are a big clue to exploitation and scams.  (source: Detroit Free Press) In fact, every year it is estimated that 2.6 billion dollars are lost by elder financial abuse and the problem only seems to be getting worse and worse.  The initial threat for most of our elderly parents were the dreaded robocallers.  The imposters that would pose as the Social Security department or the ...

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