All too often we hear stories of how seniors are taken advantage of by people who prey on the vulnerable.  Usually the stories end in financial devastation for the vulnerable senior, but sometimes a story ends in physical injury or death.  And always the stories end in emotional devastation in one way or another.

Of course, not all seniors are vulnerable, but, according to a 2010 survey by the Investment Protection Trust, more than 7 million older Americans have been victimized by a financial swindle.  That was one out of every five people over the age of 65 years old.  The survey found that the top three financial exploitations were theft or diversion of funds or property by family members, followed by caregivers, then followed by scams by strangers.

The good news is that regulators, physicians, nurses, and law enforcement officials across the country are being trained to identify financial fraud and abuse.  According to the article by Michelle Singletary, there is a need to educate care managers, trusted sources and family members.

Those who prey look for certain “red flags” as a way to gain access to finances.  The first “red flag”:  They look for seniors who seem lonely or who are socially isolated.  Second, they look for seniors who display a diminished capacity to perform daily living activities like cooking, cleaning or paying bills.  Third, they look for seniors who have lost a spouse.  Obituaries are an easy way to find widows or widowers.  Other “red flags” include a senior who complains about caregivers who haven’t returned change from a trip to buy groceries; a senior who has let their adult child who appears to be a bum back in the house to live; or a senior who asks the person they gave power of attorney to about their money and that person refuses to tell them because “it’s too complicated.”

You may notice that some of these “red flags” are also indicators that a person may benefit by relocating to one of the senior housing options like a retirement community, adult family homes, or some other assisted living setting.

Whether a senior is beginning to experience “red flags” that may indicate they are vulnerable to financial fraud, abuse, or they may benefit from one of the many senior housing options, prevention is key and we can all do our part by “watching, listening and acting quickly.”