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/quotes/zigman/629063/realtime 2,277 -46 1.97%
Gold
/quotes/zigman/662444/delayed 1,121 -4 0.31%
Oil
/quotes/zigman/2331095/delayed 46.52 -0.23 0.49%
FTSE 100
/quotes/zigman/3173262/delayed 6,043 -151 2.44%
DAX
/quotes/zigman/2380246/delayed 10,038 -280 2.71%
CAC 40
/quotes/zigman/3173214/delayed 4,523 -131 2.81%
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/quotes/zigman/5986735/delayed 17,792 -390 2.15%
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/quotes/zigman/2622475/delayed 20,841 -94 0.45%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
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/quotes/zigman/1652085/delayed 25,202 -563 2.18%
Singapore
/quotes/zigman/1709939/delayed 2,864 -43 1.47%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 +0.00 0.25%
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/quotes/zigman/16008150/realtime/sampled 118.92 -1.16 0.96%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 -0.01 0.48%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.69 -0.01 1.35%
DXY Index
/quotes/zigman/1652083/delayed 96.16 -0.24 0.25%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.90 +0.09 0.10%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.13 -0.04 1.63%
German 10y
/quotes/zigman/15866409/realtime 0.67 -0.05 7.51%
Italy 10yr
/quotes/zigman/15866497/realtime 1.88 -0.04 2.06%
Spain 10yr
/quotes/zigman/15866444/realtime 2.08 -0.03 1.41%
U.K. 10yr
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Japan 10yr
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/quotes/zigman/2331095/delayed 47 0 0.49%
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Corn
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FB /quotes/zigman/9962609/composite 87.18 -0.97 -1.10%
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GOOG /quotes/zigman/30194416/composite 599.01 -7.24 -1.19%
BAC /quotes/zigman/190927/composite 15.55 -0.39 -2.47%
C /quotes/zigman/5065548/composite 50.30 -1.49 -2.87%
F /quotes/zigman/264304/composite 13.46 -0.38 -2.75%
T /quotes/zigman/398198/composite 32.37 -0.67 -2.01%
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5 yr CD
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MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
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Encore
A blog about living in and planning for retirement

Can Doctors Protect Retirees From Fraud?

By some estimates, the elderly lose almost $3 billion a year to financial exploitation, including scams by strangers and theft by caregivers and relatives. But a new program designed to prevent the phenomenon appears to be getting results, according to the nonprofit that funds the program.

Monkey Business Images / Shutterstock.com

Since its launch in 2009, the Elder Investment Fraud and Financial Exploitation (EIFFE) program has trained more than 3,000 doctors across the country “to spot the impaired mental capacity that can leave seniors vulnerable to financial abuse,” according to the Investor Protection Trust, a nonprofit dedicated to investor education that finances EIFFE.

During visits with elderly patients, the doctors ask questions including:

  • Who manages your money day to day? How is that going?
  • Do you run out of money at the end of the month?
  • Do you regret or worry about financial decisions you have recently made?
  • Have you given power of attorney to another person?
  • Do you have a will? Has anyone asked you to change it?

When medical professionals discover potential problems, they can make referrals to family members, state and local agencies including Adult Protective Services departments, and professionals including geriatric care managers and elder law attorneys.

“There are different levels of referrals, depending on what they observe,” says Don Blandin, president and CEO of the Investor Protection Trust. “Part of what we do in our training program is show doctors what is required in their states.”

Since the launch of a pilot program in Texas in 2009, the EIFFE program has trained 3,010 physicians in 26 states, Puerto Rico and Washington, D.C. Another 3,000 are expected to be trained over the next year, says Blandin. With the upcoming introduction of an online version of the course, “I suspect the number will jump to 15,000 medical professionals,” he says, adding that organizations representing pharmacists, dentists and other health-care professionals have also expressed interest in participating.

So far, the program seems to be working. Of the 67 physicians who gave permission to be contacted six months after completing the pilot course, 55% have used the screening tools and “many described having found patients deemed vulnerable enough to warrant referral,” says Blandin.  He says the program will soon survey more of the course’s alumni.

Meanwhile, a new survey by the Investor Protection Trust and the Investor Protection Institute, indicates that financial swindles targeting older Americans are a bigger problem today than ever before.

According to an earlier Investor Protection Trust survey, more than 7 million older Americans — one out of every five citizens over the age of 65 — already have been victimized by a financial swindle.  The MetLife Mature Market Institute estimates elders lose $2.9 billion each year to financial exploitation, up from $2.6 billion in 2009.

“Elder financial abuse is not only about financial exploitation: It is a major public health problem,” says Dr. Mark Lachs, a professor of medicine at Weill Cornell Medical College, who worked on the new survey. “When older Americans are financially exploited and there are no resources left for their care, these individuals effectively become wards of the state. In these cases, all Americans end up paying. This is a major problem and we know there is significant underreporting.”

The new survey polled 756 people who work with or have oversight over elderly investors, including state securities regulators, financial planners, health-care professionals, social workers, law enforcement officials and elder-law attorneys.

Among the findings:

  • Three out of four experts said that such swindles are a “very serious” problem.
  • 78% said older Americans are very vulnerable to investment fraud and financial exploitation.
  • The top three financial exploitation problems identified by the experts are (1) “theft or diversion of funds or property by family members” (79 percent); (2) “theft or diversion of funds or property by caregivers” (49 percent); and (3) “financial scams perpetrated by strangers” (47 percent).

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (3 of 3)

View all Comments »
    • My husband was diagnosed with cancer two years ago and been in hospitals and receiving chemo all this time. Being an attorney he was stunned to discover the extent of fraud by the hospitals and clinics. He has fought back and has succeeded in getting money back for his insurance companies for unneeded procedures, services he did not receive, overcharging, etc. Sometimes the overcharges are just an oversight but most of the extraneous charges were intentional. Unless patients fight back these hospitals are going to keep getting away with the theft. I do agree with the article that counseling services could help. By the way the instances we found were not perpetrated by his immediate doctors but the medical administrators of hospitals and clinics.

    • I think it might be a better idea for financial advisers to keep an eye on doctors committing financial fraud on their clients, quite frankly.

    • The Bar Association in Greene County told me as the result of my complaint that I sent them regarding how easy it was for my brother and sister in law to steal my mothers assets nearly $800,000 was taken right before she passed away in 2009. They told me in their response that “nothing unethical was found” because I did not file a civil case and that police did not make any changes.”

      The head of the committee told me in my phone call to her that ” this is being done all the time now and the attorney did nothing wrong’!
      He represented my deceased mother and he also reprsented my brother who also died in April 2011…karma! Plus there was nothing wrong in NOT telling the presiding judge in Probate case my mothter was blind, profoundly hard of hearing and had Alzhiemer’s Disease! I am not making this up and will share these documents with anyone that would like to read them.
      NO Wonder this is called an INDUSTRY OF EXLPOITATION of the Elderly.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Close in:

need to know
When do markets close for Labor Day?
U.S. details ‘flash crash’ case vs. U.K. trader
$46 million asking-price cut for megamansion
44 million tried Apple Music in its first month


My father wanted to divide his estate, but my sister took it all
What to do when a parent dies and leaves no will
Money mistakes to avoid after a spouse’s death

Green Giant faces uphill battle for millennial market

Many of us don’t even know which generation we’re in

Has Robert Redford gotten it wrong on retirement?

Stephen Colbert’s ‘Late Show’: Here’s what to expect

Hey, Twitter, is Jack Dorsey your CEO or what?

Tennis’s U.S. Open trots out grown-up ball people

What it’s like to play tennis with a ‘smart’ racket

Labor Day traffic will be the U.S.’s worst since 2008

Chinese Navy ships in U.S. territorial waters
Watch China’s 90-minute parade in 60 seconds
See photos of China's massive military parade
China markets close for war anniversary

Donald Trump stumbles during interview on foreign policy
Trump stumbles in interview on foreign policy
Trump signs Republican loyalty pledge
Carson and Trump: Their policy differences
Trump as president: Bound to be GREAT!
Businessmen have done poorly as presidents

O’Malley maps out large-scale service program

Oops — Rick Perry says broken clock right once a day

Surf the 10 stories you shouldn’t have missed

Obscure trading strategy draws Wall Street’s ire

How the concept of BRIC investing went bust

Germany at fault in Europe’s refugee crisis
Immigration to Germany at highest since 1992
Chaos in Budapest as migrants rush trains
Father of drowned Syrian boy describes voyage

Six actors who were almost cast as James Bond

Facebook is most successful app, beating out Google, Apple
This is the most successful app ever


These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

/conga/frontpage.html 354208

Markets »

61.14MDow Volume:
Avg Vol: 113.10M
Unchanged
182
Decliners
4688
Advancers
1640
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,043 -332 2.03%
Nasdaq
/quotes/zigman/12633936/realtime 4,662 -71 1.50%
S&P 500
/quotes/zigman/3870025/realtime 1,913 -38 1.96%
GlobalDow
/quotes/zigman/629063/realtime 2,277 -46 1.98%
Gold
/quotes/zigman/662444/delayed 1,121 -4 0.31%
Oil
/quotes/zigman/2331095/delayed 46.49 -0.26 0.56%
FTSE 100
/quotes/zigman/3173262/delayed 6,043 -151 2.44%
DAX
/quotes/zigman/2380246/delayed 10,038 -280 2.71%
CAC 40
/quotes/zigman/3173214/delayed 4,523 -131 2.81%
FTSE MIB
/quotes/zigman/1482176/delayed 21,473 -705 3.18%
IBEX 35
/quotes/zigman/2759620/delayed 9,822 -221 2.20%
Stoxx 600
/quotes/zigman/2380150/delayed 353 -9 2.52%
Asia Dow
/quotes/zigman/6959860/realtime 2,684 -29 1.06%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,841 -94 0.45%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,202 -563 2.18%
Singapore
/quotes/zigman/1709939/delayed 2,864 -43 1.47%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.23%
Yen
/quotes/zigman/16008150/realtime/sampled 118.92 -1.16 0.96%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 -0.01 0.48%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.69 -0.01 1.35%
DXY Index
/quotes/zigman/1652083/delayed 96.15 -0.25 0.26%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.90 +0.09 0.10%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.13 -0.04 1.63%
German 10y
/quotes/zigman/15866409/realtime 0.67 -0.05 7.51%
Italy 10yr
/quotes/zigman/15866497/realtime 1.88 -0.04 2.06%
Spain 10yr
/quotes/zigman/15866444/realtime 2.08 -0.03 1.41%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.72 -0.08 4.31%
Japan 10yr
/quotes/zigman/15866525/realtime 0.37 -0.03 6.87%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.56%
Gold
/quotes/zigman/662444/delayed 1,121 -4 0.31%
Corn
/quotes/zigman/7599553/delayed 363 +1 0.28%
DJIA F
/quotes/zigman/38649152/delayed 16,032 -316 1.93%
S&P F
/quotes/zigman/30356461/delayed 1,911 -35 1.79%
Silver
/quotes/zigman/3134148/delayed 15 0 1.10%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 87.21 -0.94 -1.06%
AAPL /quotes/zigman/68270/composite 108.73 -1.64 -1.49%
GOOG /quotes/zigman/30194416/composite 599.29 -6.96 -1.15%
BAC /quotes/zigman/190927/composite 15.54 -0.40 -2.48%
C /quotes/zigman/5065548/composite 50.30 -1.49 -2.87%
F /quotes/zigman/264304/composite 13.46 -0.38 -2.75%
T /quotes/zigman/398198/composite 32.38 -0.66 -2.00%
BP /quotes/zigman/247026/composite 30.56 -1.86 -5.72%
GE /quotes/zigman/227468/composite 23.87 -0.65 -2.63%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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