Jacob Cavaleri

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Elder Financial Exploitation

Jacob Cavaleri

Did You Know?

Each year, more than 3.5 million older adults are victims of financial exploitation and are swindled out of more than $3 billion altogether. The average loss per person is $34,200.

The Older Americans Act defines elder financial exploitation broadly as “the fraudulent or otherwise illegal, unauthorized, improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit.”

This form of exploitation can be found across all social, educational, and economic boundaries. A humbling example that may hit close to home for some people is Cindy McBride’s story.

Her formal name may not sound familiar. Arizona sports fans often refer to her as “Flag Lady”— yes, the same lady we have watched for years, wave her flags in the upper deck of Chase Field, home of Diamondbacks baseball. She fell victim to a Facebook scam in which someone posed as an Air Force general, gained her friendship and trust, and swindled her out of nearly $200,000.

Sadly, such scams (via telephone, mail, social media, and email)  are common. The perpetrators of elder financial exploitation can be anyone. Often the crime involves theft of money or property by those you’d least expect, including family members, caregivers, and financial advisers.

Not all people who fall victim of these exploitations are as vocal about it as McBride. Hopefully her situation can serve as a source of caution and a way to begin a conversation with loved ones about the risks.

In most instances of suspected elder abuse, including financial exploitation, you should contact adult protective services. If the older person is in danger or a crime has been committed, call 911.

Click here to learn more and get tips for protecting yourself and your loved ones.

 

 

By |2022-08-23T12:59:01-07:00August 25th, 2022|Cyber Security, Financial Planning|

Understand Medical Identity Theft

Jacob Cavaleri - understand medical identity theftMedical identity theft is often over-looked and not discussed enough. It’s a form of fraud in which someone uses your personal information to receive medical services and bills your insurance or Medicare. According to the U.S. Bureau of Consumer Financial Protection, roughly 1.5 million adults are found to be victims of this each year. It’s important to understand medical identity theft and to protect yourself.

Understand Medical Identity Theft

You may be a victim of medical identity theft if:

  • You get a bill for services you did not receive;
  • You’re told by your insurance company you have hit your limit on benefits when you have not; or
  • You receive a denial for coverage of a nonexistent medical condition.

If someone steals your medical identity, your records are compromised. That means you could  experience misdiagnosis, delays in treatment, or inappropriate care.

Reduce Your Risk

Taking a few quick, proactive steps to protect yourself may reduce your risk and save you a lot of time and frustration in the future.

  • Give personal information only to approved medical professionals.
  • Remove prescription labels before recycling or discarding the containers.
  • Shred papers with personal information before throwing them away.
  • Review your medical and insurance records periodically for suspicious information.
By |2022-06-28T07:48:51-07:00July 18th, 2022|Current Affairs, Cyber Security, Health Care, Insurance|