Preventing Financial Exploitation of Seniors and Disabled Adults in Missouri Missouri Department of...
-
Upload
rachel-mcdowell -
Category
Documents
-
view
217 -
download
0
Transcript of Preventing Financial Exploitation of Seniors and Disabled Adults in Missouri Missouri Department of...
Preventing Financial Exploitation Preventing Financial Exploitation ofof
Seniors and Disabled Adults Seniors and Disabled Adults in Missouriin Missouri
Missouri Department of Health and Senior Services Division of Senior and Disability Services
MissouriansMissourians Stopping Stopping AdultAdult FinancialFinancial ExploitationExploitation
MissouriansMissourians Stopping Stopping AdultAdult FinancialFinancial ExploitationExploitation
What Is What Is MOSAFE?MOSAFE?What Is What Is
MOSAFE?MOSAFE?
AARP AARP Missouri Alliance of Area Agencies on AgingMissouri Alliance of Area Agencies on Aging Missouri Association of Public Missouri Association of Public
AdministratorsAdministrators Missouri Bankers AssociationMissouri Bankers Association Missouri Credit Union AssociationMissouri Credit Union Association Missouri Independent Bankers AssociationMissouri Independent Bankers Association Missouri Police Chiefs AssociationMissouri Police Chiefs Association Missouri Sheriffs’ AssociationMissouri Sheriffs’ Association Office of the Attorney GeneralOffice of the Attorney General Office of the Lieutenant GovernorOffice of the Lieutenant Governor
AARP AARP Missouri Alliance of Area Agencies on AgingMissouri Alliance of Area Agencies on Aging Missouri Association of Public Missouri Association of Public
AdministratorsAdministrators Missouri Bankers AssociationMissouri Bankers Association Missouri Credit Union AssociationMissouri Credit Union Association Missouri Independent Bankers AssociationMissouri Independent Bankers Association Missouri Police Chiefs AssociationMissouri Police Chiefs Association Missouri Sheriffs’ AssociationMissouri Sheriffs’ Association Office of the Attorney GeneralOffice of the Attorney General Office of the Lieutenant GovernorOffice of the Lieutenant Governor
MOSAFE MOSAFE PartnersPartnersMOSAFE MOSAFE PartnersPartners
Stop attempted or ongoing Stop attempted or ongoing financial exploitation before financial exploitation before funds are exhaustedfunds are exhausted
Train employees of financial Train employees of financial institutions on how to detect & institutions on how to detect & reportreport
Educate consumers & the general Educate consumers & the general public that this is a crimepublic that this is a crime
Stop attempted or ongoing Stop attempted or ongoing financial exploitation before financial exploitation before funds are exhaustedfunds are exhausted
Train employees of financial Train employees of financial institutions on how to detect & institutions on how to detect & reportreport
Educate consumers & the general Educate consumers & the general public that this is a crimepublic that this is a crime
Goals of Goals of MOSAFEMOSAFEGoals of Goals of MOSAFEMOSAFE
The illegal use of a senior The illegal use of a senior or disabled adult’s resources or disabled adult’s resources for another person’s gain or for another person’s gain or
profit.profit.
( 570.145, RSMo )( 570.145, RSMo )
The illegal use of a senior The illegal use of a senior or disabled adult’s resources or disabled adult’s resources for another person’s gain or for another person’s gain or
profit.profit.
( 570.145, RSMo )( 570.145, RSMo )
What Is Financial What Is Financial Exploitation?Exploitation?
What Is Financial What Is Financial Exploitation?Exploitation?
ExamplesExamplesExploitation occurs when:Exploitation occurs when:
A senior or disabled adult is A senior or disabled adult is being charged excessive fees for being charged excessive fees for rent or services.rent or services.
Money or property is stolen by Money or property is stolen by someone in a position of trust.someone in a position of trust.
ExamplesExamplesExploitation occurs when:Exploitation occurs when:
Money or property is obtained by Money or property is obtained by undue influence, fraud, or undue influence, fraud, or misrepresentation.misrepresentation.
A senior or disabled adult’s checks A senior or disabled adult’s checks are forged or sare forged or someone uses a omeone uses a senior or disabled adult’s ATM senior or disabled adult’s ATM without consent.without consent.
ExamplesExamplesExploitation occurs when:Exploitation occurs when:
Someone such as a Power of Someone such as a Power of Attorney mismanages the senior or Attorney mismanages the senior or disabled adult’s income or assets.disabled adult’s income or assets.
A senior or disabled adult’s money A senior or disabled adult’s money is used in any way that does not is used in any way that does not benefit the senior or disabled adult.benefit the senior or disabled adult.
The Law Applies ToThe Law Applies ToMissourians Who Are:Missourians Who Are:
60 years and older60 years and older
OROR18-59 with mental or physical 18-59 with mental or physical
disabilitydisability
Why MOSAFE Is Why MOSAFE Is Needed?Needed?
Nationally, the percentage of Nationally, the percentage of seniors tripled during the past seniors tripled during the past century.century.
Number of MO seniors will more Number of MO seniors will more than double in next 25 years.than double in next 25 years.
Why MOSAFE Is Why MOSAFE Is Needed?Needed?
Seniors become prime targets as the Seniors become prime targets as the majority of spending power lies with majority of spending power lies with them.them.
In FY’07, the Department received In FY’07, the Department received 4,319 reports alleging exploitation… 4,319 reports alleging exploitation… more than twice the number more than twice the number received in FY’05 when MOSAFE received in FY’05 when MOSAFE first began.first began.
Tends to be isolated, socially or Tends to be isolated, socially or physically. physically.
Not necessarily wealthy.Not necessarily wealthy.
May be competent, but have May be competent, but have trouble making reasoned trouble making reasoned decisions regarding finances.decisions regarding finances.
Tends to be isolated, socially or Tends to be isolated, socially or physically. physically.
Not necessarily wealthy.Not necessarily wealthy.
May be competent, but have May be competent, but have trouble making reasoned trouble making reasoned decisions regarding finances.decisions regarding finances.
Victim Victim CharacteristicsCharacteristics
Victim Victim CharacteristicsCharacteristics
Victim Victim CharacteristicsCharacteristics
May be dependent on the May be dependent on the perpetrator.perpetrator.
May suffer from more than one May suffer from more than one type of abuse or neglect.type of abuse or neglect.
May be reluctant to admit that his May be reluctant to admit that his or her loved one is an abuser.or her loved one is an abuser.
May be afraid to report abuse due May be afraid to report abuse due to fear or further abuse, loss of to fear or further abuse, loss of independence, or abandonment.independence, or abandonment.
May be reluctant to admit that his May be reluctant to admit that his or her loved one is an abuser.or her loved one is an abuser.
May be afraid to report abuse due May be afraid to report abuse due to fear or further abuse, loss of to fear or further abuse, loss of independence, or abandonment.independence, or abandonment.
Victim Victim CharacteristicsCharacteristics
Victim Victim CharacteristicsCharacteristics
Two Types of Two Types of ExploitersExploiters
People unknown to the senior; People unknown to the senior; i.e.. scam artists.i.e.. scam artists.
People known to the senior; i.e. People known to the senior; i.e. family members, acquaintances, family members, acquaintances, and/or fiduciaries.and/or fiduciaries.
Has close access to the senior or Has close access to the senior or disabled adult.disabled adult.
Tends to be a younger adult Tends to be a younger adult male.male.
Tends to be a relative, especially Tends to be a relative, especially an adult child.an adult child.
Has close access to the senior or Has close access to the senior or disabled adult.disabled adult.
Tends to be a younger adult Tends to be a younger adult male.male.
Tends to be a relative, especially Tends to be a relative, especially an adult child.an adult child.
Perpetrator Perpetrator CharacteristicsCharacteristics
Perpetrator Perpetrator CharacteristicsCharacteristics
Possible Possible PerpetratorsPerpetrators Family memberFamily member Caregiver, could Caregiver, could
be a relative or be a relative or someone hired someone hired as a caregiveras a caregiver
Independent Independent home repair home repair contractorcontractor
NeighborNeighbor
Medical Medical professional - professional - home service home service provider, nurse provider, nurse or aideor aide
Door-to-door Door-to-door salesmansalesman
Insurance agentInsurance agent
Any Person, Any Person, Male or Female, Male or Female,
From Any From Any Walk of Life Walk of Life
Could Exploit You.Could Exploit You.
How Does This How Does This Happen?Happen?
A Senior or Disabled A Senior or Disabled Adult Needs Assistance Adult Needs Assistance
So They May:So They May: Seek advise on financial matters;Seek advise on financial matters;
Assign someone as Power of Assign someone as Power of Attorney; or,Attorney; or,
Place someone on their bank Place someone on their bank accounts.accounts.
Financial Financial AdvisorsAdvisorsBefore doing business with or giving any Before doing business with or giving any
financial information to a broker or financial information to a broker or investment advisor…investment advisor…
Check with your state securities Check with your state securities regulator for information on brokers regulator for information on brokers & brokerage firms.& brokerage firms.
Check all credentials…visit Check all credentials…visit Investment Advisor Public Disclosure Investment Advisor Public Disclosure website.website.
www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx
Power of AttorneyPower of Attorney(POA) (POA)
A Power of Attorney gives A Power of Attorney gives another individual the right to another individual the right to “act as if they were you” … as “act as if they were you” … as
your “attorney in fact”.your “attorney in fact”.
Pros & Cons of a Pros & Cons of a POAPOA
ProsPros Convenient legal Convenient legal
means to plan for means to plan for future assistance.future assistance.
Readily available Readily available & executed & executed easily.easily.
Emergency Emergency access to money access to money or propertyor property
ConsCons Little or no Little or no
oversight or oversight or accountability.accountability.
Provides Provides unlimited access unlimited access to money or to money or property.property.
SafeguardsSafeguardsMake sure the Power of Make sure the Power of Attorney stipulates…Attorney stipulates…
Only transactions benefiting the Only transactions benefiting the senior or disabled adult can be senior or disabled adult can be conducted.conducted.
The senior or disabled adult’s money The senior or disabled adult’s money cannot be used for anyone or anything cannot be used for anyone or anything except the senior or disabled adultexcept the senior or disabled adult..
SafeguardsSafeguardsMake sure the Power of Make sure the Power of Attorney stipulates…Attorney stipulates…
A mandatory accounting of any & all A mandatory accounting of any & all transactions.transactions.
That the person authorized to be the That the person authorized to be the POA understands the responsibilities POA understands the responsibilities & that violation of the POA could & that violation of the POA could result in criminal prosecution for result in criminal prosecution for exploitation or theft.exploitation or theft.
Joint Bank Joint Bank AccountsAccounts
These are governed by the These are governed by the banking industry’s rules & banking industry’s rules & regulations. However, it is regulations. However, it is
generally agreed, that when a generally agreed, that when a person is on a joint account & person is on a joint account & takes out all of the money, no takes out all of the money, no
crime has occurred. crime has occurred.
Reporting Reporting Financial Financial
ExploitationExploitation
Who Do I Call?Who Do I Call?Missouri Missouri
Department of Health and Senior ServicesDepartment of Health and Senior Services
Elder Abuse HotlineElder Abuse Hotline
1-800-392-02101-800-392-0210
Department of Health Department of Health & Senior Services& Senior Services
Maintains the Elder Abuse & Neglect Maintains the Elder Abuse & Neglect HotlineHotline
Mandated to investigate reports of abuse, Mandated to investigate reports of abuse, neglect & financial exploitation statewideneglect & financial exploitation statewide
Provides Adult Protective Services to Provides Adult Protective Services to seniors & disabled adults, including seniors & disabled adults, including assistance with obtaining needed assistance with obtaining needed resourcesresources
For violations of the Missouri For violations of the Missouri consumer fraud law…call the consumer fraud law…call the
Attorney General’s Attorney General’s
Consumer Protection HotlineConsumer Protection Hotline
1-800-392-82221-800-392-8222 oror
www.consumer.ago.mo.gov
What Can You What Can You Do?Do?
Get specific informationGet specific information– Names, dates, timesNames, dates, times
Tell what you saw or heardTell what you saw or heard– Help the department Help the department understand the situation as understand the situation as you witnessed it.you witnessed it.
Ways to Protect Ways to Protect YourselfYourself
Don’t Open Don’t Open the Door to the Door to Strangers.Strangers.
Watch Out for People Watch Out for People Who Appear at Your Who Appear at Your
Door & Tell You Door & Tell You Work Needs to be Work Needs to be
Done.Done.
Watch Out for People Watch Out for People Who Appear at Your Who Appear at Your
Door & Tell You Door & Tell You Work Needs to be Work Needs to be
Done.Done.
Seek Legal Advice Seek Legal Advice Before Signing Before Signing
Contracts or Powers Contracts or Powers of Attorney.of Attorney.
For a comprehensive listing of For a comprehensive listing of the state-wide resources the state-wide resources
available to help older persons available to help older persons with law-related issues, check with law-related issues, check
this link:this link:
www.abanet.org/aging/resources/docs/Missouri07.
Be Careful About Be Careful About Responding to Responding to
Advertisements or Advertisements or Telephone Calls Telephone Calls from Solicitors.from Solicitors.
To Check on a Charity To Check on a Charity That Has Solicited That Has Solicited
You…Use the Attorney You…Use the Attorney General’s WebsiteGeneral’s Website
www.ago.mo.gov/checkacharity
Don’t Sign Don’t Sign Blank ChecksBlank Checks
Use Caution When Use Caution When Cosigning Loans Cosigning Loans
or Offering to or Offering to Guarantee a Loan.Guarantee a Loan.
Everyone is Allowed One Free Everyone is Allowed One Free Credit Report Each Year.Credit Report Each Year.
TThe only site that allows a he only site that allows a FREE credit report is ….FREE credit report is ….
OrOr You Can CallYou Can Call
1-877-322-82281-877-322-8228
www.annualcreditreport.com
More TipsMore Tips Keep an inventory of all jewelry.Keep an inventory of all jewelry.
Shred blank checks mailed with Shred blank checks mailed with credit card statements & other credit card statements & other identifying mail.identifying mail.
Never leave outgoing mail in box Never leave outgoing mail in box where it can be stolen.where it can be stolen.
Other Other TipsTips
Never do business with Never do business with unlicensed contractors. unlicensed contractors.
Get caller ID.Get caller ID.
Have a trusted friend or relative Have a trusted friend or relative receive duplicate copies of receive duplicate copies of financial statements.financial statements.
Don’t Allow Don’t Allow Yourself to Yourself to
Become a Victim Become a Victim of Financial of Financial Exploitation.Exploitation.