The author of a recent article in the Economist stressed the importance of banks adopting strategies to help out their clients as they age. After a certain age, a person’s financial decision-making skills are more likely to be compromised, leaving that person particularly vulnerable to financial abuse. This is fact due to not only degenerative diseases like Alzheimer’s, but also to the common process of aging. As a result of this trend, some bank managers have begun to create an environment in their banks that is “age-friendly,” to both aid aging customers and help protect them against financial scams.
Older Americans are particularly susceptible to financial abuse because cognitive decline in general can impair a person’s judgment and knowledge about finances. This can lead to bad investments and simply poor judgment in handling one’s day-to-day finances, thus resulting in substantial financial losses for this demographic. As 2010 statistics illustrate, while 13% of Americans were over the age of 65, they owned a third of the nation’s overall wealth. Therefore, older Americans are a great source of potential income for financial scammers, as well as particularly vulnerable to this type of abuse. However, it is hard to determine the extent of the losses due to financial exploitation of the elderly because in many cases, the victims simply do not report it.
While banks historically have left these matters to the customer and his or her family, banks increasingly are beginning to take measures to help protect the elderly from financial problems. If an older individual has trouble remembering passwords, one bank uses a voice recognition system as a substitute. Banks are providing training to their staff members so that they can notice the signs of dementia and possible financial exploitation. Furthermore, available technology and data are increasingly used to detect financial fraud, which helps to protect everyone from financial losses.
The Wisconsin elder abuse lawyers of Boller & Vaughan know how devastating it can be when you entrust your loved one to the care of others, only to have that trust completely betrayed. Our attorneys are dedicated to protecting your rights and those of your loved ones in all types of circumstances. We handle nursing home abuse and neglect cases on a daily basis, and we know how to get the relief to which you may be entitled. Don’t hesitate to fight back against a neglectful or abusive nursing care and assistance living facility that has caused harm to your loved one. Call us today and see how we can help.
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We live in Friendship, Wisconsin, and Boller & Vaughan came to our doorstep to discuss our mother’s wrongful death claim on a Saturday morning. Not only were we pleased with the large recovery, we were so thankful to have lawyers who were willing to explain to us every twist and turn along the way. It is great to know there is a law firm that will fight for the rights of elderly people all over Wisconsin.
Mr. Boller and Ms. Vaughan were incredible in working on my case and my daughter’s case. I was out of work and in the hospital with a new baby. Mr. Boller and Ms. Vaughan protected our rights and it was a pleasure to work with them. I hope never to be in another motor vehicle accident, however, if I am and I am injured, I will contact Boller & Vaughan immediately.
I was referred to Michelle through a friend. I have never had a better experience. It took a little over a year to get my settlement but the staff there stayed in constant contact and kept me in the loop. Oh, and Michelle actually got me MORE money than we discussed. I will refer anyone to this firm. Words cannot do justice the thanks that I have for Michelle and her staff (Mary especially) thank you guys so much!
After my husband died as a result of a motor vehicle accident, Boller & Vaughan spent countless hours talking with me, meeting with me in person, and making sure that I was okay. The drunk driver who hit us did not have any insurance, and we had to make a claim through our own insurance. Boller & Vaughan was fantastic at explaining the law to me and the handling of our claims.
After my son was injured in a daycare setting, Ms. Vaughan took the time to thoroughly investigate our case and my son’s injuries. Michele was approachable and had answers to our questions. Talking with her helped to relieve many of our anxieties.