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A GROWING PROBLEM
The Elder Financial Protection Network (EFPN)is a coalition of financial institutions, law enforcement and social service agencies committed to preventing the growing problem of financial exploitation of elders and dependent adults. An estimated 225,000 seniors are abused each year in California; approximately 30% of reported incidents involve financial exploitation. Elders are increasingly the focus of telemarketing scams, investment fraud, predatory lending, contractor fraud and con artists. Experts say elder financial abuse will be "the crime of the century" as the population ages and criminals target the growing assets of elders. Elder abuse is a silent crime. Most cases go unreported because of the victim's embarrassment or dependency on the perpetrator. Also, witnesses are wary of becoming involved in what may appear to be a civil or family affair. |
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