Financial Elder Abuse - by Tracy Kennedy

Posted: Oct 10 2019

Deemed “the crime of the twenty-first century,” financial elder abuse is a growing problem in the United States. The issue is of particular concern to North Dakota residents, as it has been found that a majority of financial elder abuse occurs in rural areas. According to studies by the U.S. Department of Justice, older adults in rural areas exhibit more risk factors, like dementia, leaving them at higher risk of being financially exploited. It is also less reported than in urban areas. Furthermore, the Bureau of Indian Affairs reports that elder abuse and financial exploitation of elders is severely underreported, at only 1 in 44 cases. Banks are in unique positions to identify and report financial elder abuse, and recent changes in state and federal laws now provide North Dakota financial institutions with certain immunity for reporting suspected cases.

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