“Scamming Grandma: Financial Abuse of Seniors Hits Record”

Scamming Grandma: Financial Abuse of Seniors Hits Record,” by Yuka Hayashi, Wall Street Journal

“U.S. banks reported a record 24,454 suspected cases of elder financial abuse to the Treasury Department last year, more than double the amount five years earlier, according to government data. … Meanwhile, people over 50 represent one-third of the population but account for 61% of bank accounts and 70% of bank deposits, according to 2017 research by the American Bankers Association. … Bankers and senior-citizen advocates say many cases of elder abuse involve family members or caregivers. … Bankers attribute an increase in social media use by older Americans for a surge in fraud cases targeting seniors. Others say seniors still have landline numbers listed in phone books, making them an easier target for telephone scammers.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

One of the oldest and worst financial scams perpetrated on the elderly is Medicaid planning, i.e., stealing or misdirecting a parents’ wealth and putting them in a welfare nursing home with the help of an elder law attorney. But, alas, no mention of that practice in this article.