We don't hear all that much about it, but financial elder abuse is a serious and growing crime in this country.

It's estimated that seniors lose more than $3 billion each year to financial exploitation. Most cases are never reported.

All too often, the thief is a family member.

"Elder fraud is a crime of opportunity," said Liz Lowey with EverSafe, a company that monitors seniors' financial accounts to help prevent and spot these abuses. "Unfortunately, the largest segment of exploiters is comprised of relatives."

Lowey, who used to run the elder abuse unit in the Manhattan District Attorney's office, says seniors need to have a trusted advocate to watch out for them. It could be a child, but it doesn't have to be.

"It could be a close family friend or it could be a power of attorney or a family lawyer," Lowey told me. "The important thing is to have an advocate, if you feel like you're losing financial capacity, to help you manage your money and help with bills."

Lowey says it's not a bad idea to have more than one trusted advocate.

EverSafe has prepared a list of 10 tips to help prevent this fraud. The EverSafe website also has more information about elder financial abuse.

More Info:

• Consumer Financial Protection Bureau: Recognizing Elder Financial Abuse
• Consumer Reports: Protecting Mom and Dad's Money
• National Center On Elder Abuse