ALFA Lauds Senate Efforts to Combat Financial Exploitation of Older Adults
ALFA recently submitted a statement for the record related to a hearing on financial exploitation of seniors before a U.S. Senate committee, outlining its interest in stemming this growing epidemic.
Financial exploitation and scams can put older adults in danger of losing their housing and care, according to the statement from ALFA President and CEO James Balda. “Additionally, many older adults with cognitive impairments are especially vulnerable. About 40 percent of assisted living residents have dementia, and scammers can still reach residents through phone calls, mail or via email. …Financial scams targeting seniors have become so prevalent that they’re now considered the ‘crime of the 21st Century,” according to the National Council on Aging.”
Read ALFA's full statement submitted to the Senate Special Committee on Aging.