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Financial swindlers of elderly often involve family members

September 19, 2012
by pamela tabar
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Financial abuse investigators and securities experts say seniors who are swindled usually find their own relatives behind the act, according to a survey conducted by the Investor Protection Trust.

The survey sought input from healthcare professionals, financial planners, law enforcement, elder-law attorneys and others on senior abuses. Most respondents (77 percent) consider seniors to be very vulnerable to financial scams, and most believe that family members are most often involved. Forms of financial abuse toward seniors include everything from diversion of funds to outright theft, the survey notes.

The best tools to curb the risk of financial abuse include senior-centric financial counseling, risk management seminars delivered by law enforcement or financial professionals and educational programs hosted by senior centers, the survey said.

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