Doctors help to deter elder fraud abuse.

• Position: Investor Protection Trust - MetLife Mature Market Institute

Financial planners and other finance professionals may find it helpful to collaborate with doctors to deter and detect elder fraud abuse. Programs help doctors to detect when elderly patients are at greater risk of becoming victims of fraudulent schemes or are victims of fraud.

In recent years, several organizations have brought the financial abuse of elderly people to the attention of the media, as well as other organizations and people who deal with the elderly. For example, in March 2009, the MetLife Mature Market Institute (MMI) released a report, Broken Trust: Elders. Family, and Finances. According to the report, financial abuse costs older Americans more than $2.6 billion annually, and lour in five abuse cases go unreported.

Most often (in 55% of the cases), family members and caregivers perpetrate the abuse. However, investment fraud scams usually result in greater financial losses. The MMI study includes tip sheets to help older adults and their families learn how to prevent financial abuse. The study is available online at www.metlife.com/assets/cao/mmi/publications/studies/mmi-study-broken-trust-elders-family-finances.pdf.

More recently, the Investor Protection Trust (IPT) released the results of a survey, the findings of which are available at www.investorprotection.org. IPT released the survey on June 1 5 to mark World Elder Abuse Awareness Day.

When releasing its survey, IPT announced plans to launch the Elder Investment Fraud and Financial Exploitation prevention campaign. The purpose of the campaign is to educate medical professionals about identifying older...