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Protecting Our Elders: Recognizing and Reporting Financial Abuse

Published: May 9, 2024

Protecting Our Elders: Recognizing and Reporting Financial Abuse

Elder financial abuse is a grave concern affecting vulnerable seniors worldwide. As our population ages, it's crucial to raise awareness about this insidious form of exploitation. Financial abuse can take many forms, from unauthorized bank withdrawals to coerced property transfers, missing belongings, and more. Recognizing the signs is the first step in combating this injustice.

 

One of the most apparent signs of elder financial abuse is unusual banking activity, such as large withdrawals, frequent withdrawals, or unexplained withdrawals. Seniors may be coerced or manipulated into withdrawing funds by perpetrators, often family members or caregivers. Similarly, sudden changes in financial documents, such as wills or powers of attorney, without the elder's knowledge or consent can indicate foul play. Additionally, unexplained transfers of assets or changes in beneficiaries can signal financial exploitation.

 

Missing belongings is another red flag. Seniors may notice valuable items disappearing without explanation or receive bills for services they did not request or receive. Perpetrators often target sentimental or valuable possessions, exploiting the emotional vulnerability of their victims.

 

Changes in bank habits can indicate elder financial abuse. These changes may include large transfers between accounts, frequent ATM withdrawals, or the creation of new joint accounts without the elder's knowledge or consent. Similarly, despite adequate financial resources, unpaid bills suggest mismanagement or exploitation of funds.

 

Another red flag is alterations to legal documents or checks. Perpetrators may manipulate or forge documents to gain access to the elder's assets or authorize transactions without permission. If the older adult demonstrates a lack of understanding of their financial situation or the actions of the abuser, it may indicate coercion or undue influence.

 

Unauthorized cashing of checks or withdrawals without permission is a clear sign of financial exploitation. Seniors may find their signatures forged or discover unauthorized transactions on their accounts, leading to financial losses and instability.

 

Mood changes, such as increased depression or anxiety, can also signal elder financial abuse. Victims may experience emotional distress due to financial manipulation or coercion by the perpetrator. Changes to the power of attorney documents, exceptionally if executed under suspicious circumstances, warrant investigation and intervention.

 

Reporting elder financial abuse is crucial for protecting seniors and holding perpetrators accountable. Here are steps to take if you suspect financial exploitation:

  • Adult Protective Services (APS): Contact your local APS agency to report suspected elder abuse, including financial exploitation. APS professionals can investigate the situation and assist the victim.
  • Law Enforcement: If you believe a crime has been committed, notify local law enforcement authorities. They can conduct investigations and pursue criminal charges against perpetrators.
  • Financial Institutions: Inform the elder's bank or financial institution of suspected financial abuse. They can implement safeguards, such as freezing accounts or flagging suspicious transactions, to prevent further exploitation.
  • Legal Assistance: Seek legal advice from an attorney specializing in elder law to explore options for protecting the elder's rights and assets.

 

By remaining vigilant and taking prompt action to report and address elder financial abuse, we can ensure the safety and financial well-being of our elderly population. Together, we can create a community where seniors are protected, respected, and empowered.

Article content and third-party links are provided for information purposes only. 

Reference:

Nursing Home Abuse Center. (n.d.). Types of Elder Abuse: Financial Abuse. Nursing Home Abuse Center. Retrieved from www.nursinghomeabusecenter.com

 

U.S. Department of Justice. (n.d.). Red Flags of Elder Abuse. Elder Justice Initiative. Retrieved from https://www.justice.gov/elderjustice/red-flags-elder-abuse

 

Manning Law Firm. (n.d.). Elder Financial Exploitation Red Flags. Manning Law Firm. Retrieved from https://manning-law.com.

 

Investopedia. (n.d.). Financial Elder Abuse. Investopedia. Retrieved from https://www.investopedia.com.

 

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