FRAUDLIFESTYLE & TRAVEL

Signs of Elder Abuse and Financial Exploitation

Do you have grandparents or parents who have caretakers or people who constantly move in and out of their home? Do you have a family member with an ailment that could prevent them from being aware of their finances? Elder financial exploitation is an all-too-common occurrence that affects thousands of people every year. Before these instances occur, there are a few things to look out for that could help prevent this fraudulent activity from happening.

What is elder abuse and financial exploitation?

So, what does it mean to be financially exploited as an elderly person? This occurs when an elderly person is taken advantage of in various ways. Elder abuse and financial exploitation may involve a victim’s finances, objects of value or someone gaining control of their assets.

Who is most likely to commit this crime?

This form of exploitation tends to be done by people who are in constant and close contact with the victim. This could include any of the following:

• Family members
• Friends
• Lawyers
• Financial planners
• Caregivers
• Nursing home staff

A person choosing to commit this crime tends to be someone the victim trusts. There are instances where a fraudster is a stranger and calls multiple elder folks trying to see if any will fall prey to their unfortunate scheme. This includes calls made to seem urgent so the victim will act quickly and send the fraudster funds. There are many ways they choose to enact their plan.

What are the signs of abuse and exploitation?

You might have noticed a few things have changed when it comes to your elderly family member’s home or finances. If you’re not sure what to look for when it comes to signs of abuse or exploitation, try asking yourself the following questions while investigating the situation.

• Are there any bank or credit card statements that are no longer being mailed to the home?
• Is there someone who wants to accompany the elderly person to their credit union or bank?
• Have there been any suspicious withdrawals for large amounts?
• Has there been any unwarranted use of the elderly person’s vehicles?
• Has a caretaker been very inquisitive into their family history or personal information?
• Has a caretaker been asking for the elderly person’s passwords?
• Have you noticed a shift in the finances of another family member or their caregiver?
• Has the elderly person told you about any sweepstakes they may have won?
• Has there been any mention of calls from people urging the elderly person to send them money or open accounts?

Knowing the signs of elder abuse and financial exploitation can prevent the theft of thousands of dollars and eliminate the mental stress for your family member. If you feel something is wrong, don’t hesitate to ask questions to ensure there is no fraudulent activity occurring. It’s better to ask questions and be wrong than to not ask questions and have your loved one lose the money they worked hard to save for their retirement and care.

Finally, if you have a relative or know someone who you suspect to be a victim of elder abuse or financial exploitation, contact Adult Protective Services at (855)-444-3911.

Sources:

https://www.nursinghomeabusecenter.com/elder-abuse/types/financial-abuse/

https://dfi.wa.gov/financial-education/information/warning-signs-elder-financial-abuse#:~:text=Suspicious%20signatures%20on%20checks%2C%20or,in%20your%20loved%20ones%20name.

https://michiganlegalhelp.org/resources/wills-and-life-planning/what-elder-abuse#:~:text=Report%20the%20Abuse&text=Anyone%20can%20report%20suspected%20abuse,and%20Human%20Services%20(MDHHS)

www.ncoa.org/artihttpscle/get-the-facts-on-elder-abuse