Elder Financial Abuse

What is Elder Financial Abuse?

When someone steals money or anything of value from an older person. It can happen by not only stealing the elder’s valuables but also taking control of their attorney or using their cash or credit cards. It can be harder to realize than other types of elder abuse, but the long-term consequences can be devastating as people have lost their entire life savings and are not able to afford their homes anymore.

“Criminals steal an estimated total of $28.3 billion from older adults each year. Of that $28.3 billion, known others, such as a friend, family member or caregiver, steal $20.3 billion, or 72%.” (AARP, 2033).

Warning Signs of Elder Financial Abuse

• Unusual activity in elders’ bank account
• ATM withdrawal by elders who never used a debit card
• Changing to anything more than a basic account when not necessary
• New friends that go with them to the bank
• Unpaid bills
• Closing accounts without regard to penalties
• Unusual attempts to receive large amounts of money
• Suspicious signatures on checks
• Checks for “loans” and “gifts”
• Bank statements not arriving at their home
• New power of attorney
• The caretaker who takes care of financial transactions without permission
• Altered wills
• Loss of property

Prevention Tips for Elders

• Talk to someone at your financial institution
• Shred any personal documents before throwing them away. Ex. credit card offers, bank statements, receipts, etc.
• Make sure that your agent is trustworthy
• Make sure your checkbook, account statements, and other important documents are in a safe place.
• Never give any personal information over the phone unless it is a trusted party and the call was initiated by you.
• Never pay extra to collect sweepstakes.
• Get a second opinion on financial decisions.
• Consult with your financial advisor or attorney before signing anything confusing.
• Build a relationship with the people who handle your finances.
• Pay with checks and credit cards so you have a paper trail.
• Say “no” to anything that you do not want to spend your money on.
• Always trust your gut!!!