Earlier this year, lawmakers asked a state agency to study financial exploitation of elderly and disabled adults. That report came out yesterday, and it shows as many as 44,000 people may have lost money to scammers and unscrupulous kin. Sandy Hausman has that story.
A new state report shows financial exploitation of elderly or disabled people can be devastating. After reviewing about a thousand cases reported during a one-year period, the Department of Aging and Rehabilitative Services concluded vulnerable Virginians lost, on average, nearly $28,000. Paige McCleary is Director of Adult Protective Services. She says the problem could actually be much worse.
“A study in New York estimated that for every one case of financial exploitation that’s reported to authorities, about 44 are not reported," McCleary explains.
That’s because perpetrators are often close to their victims.
“Many of the people that were actually perpetrating this exploitation were relatives or people that were trusted," she says.
Victims often blame themselves, feel embarrassed and reluctant to cause more pain.
"They in some instances may try to protect that family member," McCleary says. "They feel that the family member could be prosecuted and go to jail, and they don’t want to see that."
The report recommends, among other things, greater public education about this problem, which – collectively -- cost Virginians more than $28 million in 2015. It also suggests working closely with banks and credit unions to try and prevent future cases of exploitation.
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