Who Commits Fraud Against Elders?

Welcome back to the FitnessBank blog archive.

In our previous entry, we discussed how elders are often the targets of financial fraud. But is there a typical source dealing out these harsh crimes? In truth, these acts can come from a range of sources.

The saddest realization is that many of these infractions come from someone that they know. This is one of the worst of the sources, because it usually comes as a result of misplaced trust. Regardless of age, we often depend on our families to operate in good faith with us. But sadly, this isn’t always true. After gaining access to an elders accounts, one has the opportunity to misuse this privilege for sordid financial gain.

Family and Professionals

Another disappointing possible contributor to this type of fraud are financial professionals. Having an office and a company behind them doesn’t always mean their actions are on the up and up. It boils down to ethics here. Like in the first example, there is a bit of both social and business ethics that are expected to be upheld. But again, this isn’t always the case.

But, it may not always be a family member or financial institution that takes advantage of elders. There are a number of caregiving services carried out by third parties also expected to operate in good faith. But even those who are being paid to do so might get greedy if their ethics are flexible.

Fighting Fraud with FitnessBank FitnessBank

These are just the start of your options when it comes to opening a savings account. FitnessBank is committed to providing you with all pertinent information to keep you informed and in the clear. Have more questions? Speak with one of our lenders today.