Financial Exploitation and MyFloc

November 10, 2022 Poliakoff & Associates, P.A. Advocacy, senior care No Comments

Financial Exploitation

According to the Centers for Disease Control and Prevention, “Elder abuse is an intentional act or failure to act that causes or creates a risk of harm to an older adult. An older adult is someone age 60 or older. The abuse often occurs at the hands of a caregiver or a person the elder trusts.”

According to the National Center on Aging, approximately one in 10 Americans ages 60 and older have experienced some form of elder abuse. Some estimates range as high as 5 million elders who are abused each year. One study estimated only 1 in 24 cases of abuse are reported to authorities.

MyFloc

Elizabeth Chubb created MyFloc after her father developed Parkinson’s. From their website:

“MyFloc helps you maintain control and protect your money through customizable cards and alerts that provide near real-time visibility on spending and expenses. myFloc connects the people you count on and allows you to control and track spending. It’s the kind of clarity that makes conversations less awkward and looking out for each other that much easier.”

It is a genius idea to protect loved ones and prevent financial exploitation.