Rights & Benefits Information ALTCS Workshop
Financial Exploitation, Scams Have Skyrocketed Since Pandemic Began By Christina Ianzito , AARP The financial exploitation of older adults was a serious problem before the pandemic, but it’s ballooned in the years since COVID-19 began its rapid spread in March 2020. A new report from AARP finds that the rate of such exploitation between then and now has more than doubled. That includes a huge uptick in losses from romance scams, with perpetrators stealing more than $547 million in 2021, five times greater than the amount stolen in 2019. And these figures probably understate the number of financial fraud incidents, which are woefully underreported: Only 1 in 44 older adult victims tell the authorities when they’ve been financially exploited, according to the report. And they’re least likely to notify authorities when they’ve been victimized by someone they know and trust — something that happens more commonly than many people may realize. “We need more consumers to report these crimes so we can better quantify how large and impactful they are, but equally important is that we help the industry spot and stop financial exploitation before the money leaves the account,” says Jilenne Gunther, national director of AARP’s BankSafe Initiative™ and lead author on the report. Some data suggests that family members and trusted others steal more money than strangers do, with the Consumer Financial Protection Bureau estimating that family members steal more than twice as much money as strangers. How to stop the criminals Financial institutions are on the front lines in the fight against exploitation, in many cases using fraud detection software, artificial intelligence and machine learning to monitor accounts. And AARP’s BankSafe™ initiative offers tools to help the banking industry curb these crimes — including an online training program that teaches employees how to spot instances of exploitation. Gunther says continued consumer education and increased industry efforts are crucial for protecting people from financial exploitation: “It’s time for all of us to double down on keeping ourselves and our older adults safe.” AARP’s Fraud Watch Network can help you spot and avoid scams. Call the toll-free fraud helpline at 877-908-3360 if you or a loved one suspect you’ve been a victim.
Learn about the Arizona Long Term Care System, including what it is, what it takes to be eligible for the program, and what kinds of services are available once a person becomes eligible. A great place to start when you are considering ALTCS for yourself, or for a loved one.
Join us by computer, tablet or phone. Topic: ALTCS Workshop Time: November 10, 2:30 p.m. MST. Please join the ALTCS Presentation on Zoom from your computer, tablet, or phone. Join Zoom Meeting
https://bit.ly/PCOAALTCS22 Or call +1 669 900 9128 US Meeting ID: 897 2167 3847 Passcode: 700090
To register , go to: https://altcsnov22.eventbrite.com , or call Donna DeLeon at 520-305-3450.
The ALTCS workshop is held every month on the Second Thursday. Participants who would prefer in-person you are invited to register for our December training held on Thursday, December 8, 2022.
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Pima Council on Aging
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