Bankers ask for help saving seniors from financial scammers
ALBANY, N.Y. — Advocates for the elderly say each year con artists and greedy family members cheat New York seniors out of $1.5 billion in assets but they worry the number of reported cases is only the tip of the financial abuse iceberg.
The Senate and Assembly’s Joint Committee on Aging heard testimony Tuesday from advocates, bankers and lawyers pushing for increased prevention of financial abuse of the elderly.
Ann Marie Cook, Greater Rochester president of aging adult advocacy group Lifespan, said financial abuse is the most common form of abuse reported each year.
The attorney general’s elder abuse co-ordinator, Gary Brown, said only 1 of 44 cases of financial abuse is reported to authorities because seniors are unaware or embarrassed they fell for schemes.