Financial elder abuse
is the illegal or improper use of an older person's funds, property, or resources, according to the National Committee for the Prevention of Elder Abuse (NCPEA). It can take on many forms and includes a broad range of conducts. These crimes are most commonly perpetrated by strangers/non-legitimate businesses, followed by family members and neighbors, according to a leading report by MetLife
, Virginia Tech and the NCPEA. They also can be ruinous for older Americans, whose entire retirement savings can be erased in the blink of an eye. Given the threat to senior's retirement security, the Insured Retirement Institute (IRI) provides consumers and financial service professionals with the latest information regarding financial elder abuse and prevention. By increasing awareness and knowledge regarding financial elder abuse, it is our goal to prevent it from occurring so that retirees can maintain a secure and dignified retirement.