Stopping Senior Fraud in Maryland

Guidewell Financial Solutions President Helene Raynaud and Maryland Comptroller Peter Franchot write one in five adults aged 65 and older has been targeted by senior financial abuse, with up to $120,000 in losses per senior financial abuse victim, reports the Baltimore Sun . They note in the last decade, the Maryland Comptroller's office has detected and impeded more than 80,000 fraudulent tax returns worth more than $185 million. "Predators can be complete strangers, caregivers, dishonest telemarketers, acquaintances, or even your seemingly-closest friend or family member," Reynaud and Franchot warn. On January 8, Maryland will roll out its "PROTECT Week" campaign to boost awareness of such abuse and how to prevent it. "Five years ago, Maryland law began to require banks and credit unions to report suspected financial exploitation of Marylanders age 65 and up," Raynaud and Franchot note. "Two years ago, AARP launched its Fraud Watch Network designed to help combat the growing fraud problem some seniors have experienced. And last year, Maryland Attorney General Brian Frosh appointed a dedicated Senior Asset Recovery Unit that investigated and sued on behalf of victims of senior financial abuse in Maryland." Raynaud and Franchot recommend citizens visit www.PROTECTweek.com to access free and inexpensive resources to learn more about senior financial abuse and protective measures. They also suggest anyone who suspects an older adult is being mistreated or victimized by financial abusers contact a local long-term care ombudsman such as those at the Maryland Department of Aging, or the police. Suspicion of financial exploitation of seniors also should be reported to the Office of the Attorney General for further investigation by calling 410-576-6575.