Maryland Comptroller Peter Franchot and Maryland Attorney General Brian Frosh partner with Guidewell Financial Solutions on a weeklong awareness campaign
The average victim of elder financial abuse loses upwards of $120,000. Recognizing financial abuse as the most common type of elder abuse, and accepting responsibility as a first-line defense, Maryland nonprofit financial counseling agency,Guidewell Financial Solutions is leading a statewide campaign in partnership with Maryland Comptroller Peter Franchot and Maryland Attorney General Brian Frosh to “Protect Older Americans from Financial Exploitation” — declared PROTECT Week.
During PROTECT Week, January 8-12, 2018, Marylanders will have an opportunity to learn about the many forms of abuse, neglect and financial exploitation of older adults via the resources of more than a dozen local and national partners including the Maryland Office of the Attorney General, the Maryland Office of the Comptroller, Guidewell Financial Solutions, EverSafe, AARP Maryland and AARP Fraud Watch Network, Maryland Department of Aging, Maryland Department of Veterans Affairs, Maryland Volunteer Lawyers Service, Maryland Consumer Rights Coalition, Wells Fargo, the Montgomery County Office of Consumer Protection, and The CASH Campaign of Maryland.
“There are huge risks that older victims of financial exploitation can face in terms of their personal financial health and overall economic well-being,” said President and CEO of Guidewell Financial Solutions Helene Raynaud. “When it comes to assisting older adults with finances, our job is to act as a financial advocate and partner. We’re committed to reporting suspected financial exploitation of older Marylanders, so we’re on the first line of defense. Raising awareness about the prevalence of this issue is imperative to prevention.”
Financial elder abuse is when someone improperly or illegally makes use of an older adult’s property or money. Prevention and early detection of elder financial exploitation are key to maintaining the financial health of older Marylanders, fueling the mission of PROTECT Weekto raise awareness of the issue, help Marylanders recognize the warning signs and give them the tools to intervene early when an older adult is in danger.
“Over the last 10 years, my office has detected and blocked more than 80,000 fraudulent tax returns worth over $185 million,” said Maryland Comptroller Peter Franchot. “Victims of tax fraud – many of whom are older Marylanders – sometimes deal with the impact for years. That’s why education and awareness is key to prevent ever becoming victimized.”
The weeklong campaign will feature four main events where older Marylanders and their trusted advocates can learn more about the pitfalls and risks of elder financial abuse from identifying the warning signs of fraud and understanding financial abuse to learning common scam techniques and safeguarding financial well-being.For more information and the full schedule of events for the week, visit www.ProtectWeek.com.
Anyone who suspects that an older adult is being mistreated or could be a victim of financial exploitation or fraud should contact a local Long-Term Care Ombudsman like those at the Maryland Department of Aging, or call the police. For more information on PROTECT Week in Maryland during the second week of January, visit www.ProtectWeek.com.
