Financial elder abuse is when someone targets a vulnerable senior illegally for the use of his money or other property. Most states have enacted stiffer penalties to severely punish people who commit this crime, according to NOLO.com.
Financial elder abuse has been a difficult crime to control as it often goes unreported, claims NOLO.com. Most of the victims are either too confused or traumatized to inform anyone that they have been victimized. The typical profile of an elder abuse victim is a person over the age of 50 who is living at home by himself, disabled and incapable of handling his own finances.