It takes a creepy kind of person to take advantage of old people.
And yet elder abuse is rampant these days.
From financial exploitation to caretaker fraud to identity theft, older people are taken advantage of these days.
A recent report on Elder Financial Abuse, by True Link, a firm dedicated to helping seniors with their financial planning, found that seniors will lose $36.48 billion each year to elder financial abuse - more than twelve times what was previously reported.
In reality, it's probably more than that because elders get embarrassed when they're scammed and don't tell anyone
And while its so hard for Mom to say 'No' to her son when he asks for money, she better learn how. Otherwise Bobby may soon be on his way to the Ferrari dealership with her retirement fund. And by the way Bobby, that's emotional abuse if you keep guilting her into giving you money.
So listen in to hear what we all need to do to stop this. But most importantly -- whether you're a teller at a bank who notices that someone is constantly withdrawing money from old Mrs. Smith's account or you're a neighbor that witnesses a contractor - or child! -- taking advantage of the old man next door - everyone has to start to pay attention and speak up!
Watch More 60 Second Tips on TheStreet:
- Drowning in Debt? Here's How to Get Above Water
- How to Re-Enter the Workforce as a Retiree
- Navigating Financial Aid
- Questions to Ask Before Marriage
- Why Your Dream Job Might Not Be Advertised Online
- Here's How You Can Help Your Toddler Retire a Millionaire
- Do You Need Long Term Care Insurance?
- Best Return on Your College Investment
Editors' pick: Originally published Nov. 5.