June 15th is World Elder Abuse Awareness Day, and in light of such effort, this month’s column focuses on the silent crime of Elder Financial Abuse.

According to the 2010 Investor Protection Trust Elder Fraud Survey, more than seven million older Americans — one out of every five over the age of 65 — have fallen victim to a financial swindle, costing victims an estimated $36.5 billion annually.

This is money that could have been spent on medical care, housing and living expenses.

As Baby Boomers turn 65 at a rate of 10,000 a day, the threat of potential abuse heightens. Adults 60 and older often become the targets of abuse and exploitation because of the amount of wealth their generation holds, their potential vulnerabilities, and sometimes loneliness is a factor.

Spotting exploitation can be difficult as the perpetrators of these crimes tend to be close friends or relatives.

Studies project that approximately 70 percent of elder financial abuse is committed by family members, friends, trusted persons or others known to the individual being exploited.

Spotting these scams can be a challenge as realizing who has one’s best interest at heart and who doesn’t is often difficult to determine.

Here are a few warning signs:

Sudden reluctance to discuss financial matters

Sudden, atypical, or unexplained withdrawals or wire transfers from their accounts, or other changes in their financial situations

New best friends and “sweethearts”

Behavioral changes, such as fear or submissiveness, social isolation, withdrawn behavior, disheveled appearance, and forgetfulness

Changes in the will, especially when they might not fully understand the implications

Large, frequent “gifts” to a caregiver

Missing personal belongings.

Reporting is single-handedly the most important step to escalating suspected elder financial abuse.

Studies show that as few as one in 44 cases of elder financial abuse are reported.

Victims tend to keep details a secret for a number of reasons: fear of being victimized again, reluctance to incriminate a family member or friend, or admitting vulnerability.

To report suspected elder financial abuse, contact the local police or the protective services hot line for the Butler County Area Agency on Aging at 724-283-6955, available 24-7.

Wendy Bennett is a senior financial adviser in Butler.