In New York state, victims of financial exploitation lose as much as $1.5 billion annually, according to a study by the state of New York's Office of Children and Family Services. Every year, about 5 million Americans in the United States are exploited financially.
World Elder Abuse Awareness Day is June 15 and this year's theme is focused on exploring measures to strengthen protections against financial and material exploitation. As the 2017 observation commences in an effort to educate the public about this shameful practice, a piece of legislation that fits the theme of World Elder Abuse Awareness Day has passed in the Senate. However, as of early this week, the Assembly version of the aforementioned bill remains parked in committee.
Senate bill S1093 allows banks to refuse payment of money if there is reason to believe that a vulnerable adult is being exploited. The Assembly should pass this measure and Gov. Andrew Cuomo should sign it into law.
Critics of the bill have voiced concerns: There are those who worry that this bill feeds the stereotype that all seniors have diminished brain function. And there are other opponents of the measure who have expressed concern that this measure could lead to banks putting unnecessary holds on the accounts of seniors with no consequences for transactions that are delayed by mistake. These concerns should give us pause. As such, it will be critical for the Assembly and the Senate to ensure the final measure that is hashed out before heading to the Governor's office consists of clear guidelines that help stop unnecessary banking delays.
While fear of fitting into a stereotype is understandable for older Americans concerned about losing their independence and the ability to make their own financial decisions, the need for more safeguards against financial exploitation is great.
Experts say financial abuse often goes unreported because victims are embarrassed about being swindled. Only one in 44 cases is ever reported. That silence could be financially devastating for a large population that's getting bigger. The number of Americans ages 65 and older is projected to more than double from about 45 million today to over 98 million by 2060.
Older Americans must feel empowered to report financial abuse and step one is getting educated about financial exploitation. The National Council on Aging is among the many organizations with a wealth of information on elder abuse and prevention tips.
As World Elder Abuse Awareness Day works to encourage everyone to learn more New York state must do its part to offer another tool to stop con artists from plundering the savings of our elders.