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Hurme
cites many reasons why elder financial abuse is a
“particularly pernicious crime.”
“Studies point to specific cracks in victims’ defenses
against exploitation: trust, financial niavete,
cognitive impairments, social isolation, dependency,
fear, and embarrassment.”
Hurme goes on to explain
that elder financial abuse is unique because “there is a
very real chance that the victim has no idea that she
has been ... victimized. The victim may have no
awareness that anything is amiss with his finances.”
There are many ways of combating and preventing
financial abuse of elders, one of which is using a
reputable caregiving agency. Many of these agencies not
only screen their employees, but also do background
checks to ensure the safety and security of their
elderly clients.
Some such agencies have also begun a gift card program.
Gift cards are a convenient and easily accessible
solution to preventing certain financial abuses.
Agencies issue the gift card to the caregiver, who can
then buy groceries and other essentials for their
clients. Since the gift card is purchased through a
bank, the agency can track purchases online and know
when transactions take place. All risk, which is limited
to the amount of money put into the gift card, is borne
entirely by the agency. The caregiver never needs to use
the senior’s cash or credit cards as all purchases must
be made using the gift card. Receipts are kept and
purchases are then billed to the client with their
regular invoice.
Though financial abuse of elders is a reality, measures
can be taken to minimize the damages and the possibility
of elderly clients being victimized.
As Hurme points out, “Even though there are no broken
bones, the effect is devastating financially and
emotionally.”
Being aware, taking steps to prevent theft, and
utilizing reputable In-Home Care Agencies are the first
defenses against elder financial abuse.
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