According to a recent report by the federal government, senior citizens lose almost $3 billion a year in financial abuse and exploitation, and fewer than one-third of elderly financial abuse cases are reported to the authorities.
Identifying this problem is an important first step. However, it is not the only necessary step. Given the magnitude of this problem, it is important to consider how future cases of financial abuse can be prevented for the elderly in nursing homes and other care settings.
How Financial Abuse May Be Prevented in Kentucky and Other States
Some cases of financial abuse in Kentucky nursing homes, and nursing homes around the country, may be prevented if there is better:
- Collaboration among federal agencies, state authorities, and banks. Together, these agencies and businesses can help protect the elderly in our society.
- Training for bank employees on how to recognize the potential signs of financial abuse. Bank employees are a first-line defense against the financial abuse of the elderly just as they are the first line of defense for many other financial crimes. However, before bank employees can report financial abuse and help stop it, they must first recognize it.
- Reporting to officials. Nursing home staff, other caretakers, and family members need to know when and how to report suspected financial abuse.
These changes won’t happen overnight, but they are both possible and important.
Contact a Louisville Nursing Home Abuse Attorney if Your Loved One Has Been a Victim
If your family has been impacted by financial abuse of the elderly, then please contact our experienced Louisville nursing home abuse lawyers today at 800.634.8767 or 502.210.8942 for more information about your rights and possible recovery.