Huntington Health Hosts Virtual Event to Combat Rising Elder Financial Abuse

Huntington Health will host a free virtual educational event this week addressing financial elder abuse as reports of exploitation continue to surge nationwide.

The Senior Care Network’s Noon Hour Series presentation on July 9 aims to help community members recognize warning signs and take protective action against a crime affecting more than six in 100 elderly Americans.

Financial elder abuse happens when someone illegally or improperly uses an older adult’s money, property, or assets—often through scams or manipulation. Financial abuse is more common than you think and often goes unnoticed, according to event materials.

The session will focus on scams targeting older adults, including how participants can protect themselves from exploitation after a disaster strikes. Elder Abuse Prevention Advocate Alisa “Lisa” Anderson from Bet Tzedek Legal Services will lead the 12:30 p.m. Zoom presentation.

The event targets caregivers, family members, and anyone working with older adults, though advance registration is required for all community members at bit.ly/4nnzQGh.

The timing reflects urgent national trends in elder financial exploitation. Recent data shows elderly Americans lose nearly $36.5 billion annually to financial abuse, with reports increasing significantly in recent years. Financial institutions filed 155,415 elder exploitation reports between June 2022 and June 2023, representing more than $27 billion in suspicious activity.

The scope extends beyond monetary losses. Financial abuse victims face a significantly higher risk of premature mortality compared to non-abused seniors, with studies indicating hazard ratios between 1.5 and 2.6. It is estimated that only one in 24 cases reaches authorities, according to the National Center on Elder Abuse.

Family dynamics complicate the crisis. Nearly 47 percent of elder abuse incidents involve family members as perpetrators, according to analysis of National Center on Elder Abuse calls. This pattern contributes to chronic underreporting as victims hesitate to implicate relatives.

The problem will intensify as populations age. The World Health Organization projects 320 million seniors will suffer elder abuse by 2050, when the global population aged 60 and older reaches two billion people.

Huntington Health’s Senior Care Network, comprising primarily social workers and public health nurses, regularly addresses community health challenges through monthly educational programs. The network provides a range of resources and support for San Gabriel Valley residents.

Reports of elder financial mistreatment have increased significantly since 2013, with average losses exceeding $34,000 for adults over 50. Over five percent of seniors become exploitation victims yearly, making education and prevention efforts increasingly critical for protecting vulnerable populations.