Elder financial abuse has been formally established as a public health issue by a new Centers for Disease Control report, said the director of the National Adult Protective Services Association, Kathleen Quinn, on Friday.
For the first time, the CDC has prepared a glossary of what constitutes this kind of exploitation, which can lead to physical and psychological injury and death for an increasing number of victims. Quinn was part of the team that helped develop the report
Because elder abuse is so complex, and involves many types of maltreatment and perpetrators including family members, paid caregivers and online scam artists, Quinn said the study will help policymakers and researchers understand what the issues are and how to address them.
“It puts everyone on the same page,” she said.
An increasing number of states are allowing and requiring advisors and other financial professionals to report suspected cases of elder financial abuse.
However, Quinn said they are going to have to use their own states’ definitions of elder financial exploitation rather than rely on the CDC guidelines.
Here are the CDC’s definitions for the different forms of senior financial harm:
Fraud
Deception carried out for the purpose of achieving personal gain while causing injury to another party. An intentional distortion of truth initiated to convince another to part with something of value or to surrender a legal right.
Misappropriation