As of 2015, most states have financial elder abuse laws that severely punish people who target vulnerable elderly people to steal money or property, as reported by Nolo. One such law is a federal law that requires banks to file a Suspicious Activity Report with the federal government when they suspect elder financial abuse.
Most victims of financial elder abuse are usually too traumatized or confused to report that they may have been a victim of such a crime, explains Nolo. An elder abuse victim is typically over the age of 50, living independently, disabled and not able to handle personal finances.
All 50 states have some type of elder abuse laws on the books, according to the Administration for Community Living, but laws vary by state. Aside from financial abuse, there are laws that help protect elderly people who experience physical abuse, sexual abuse and neglect. Laws that are centered around financial abuse concern illegally taking and misusing money as well as concealing property, assets and funds that belong to an elderly individual and using them for another's benefit. Elder abuse laws are usually found under a variety of state codes, including welfare, business and profession, and probate codes, as the Association for Community Living advises.