The elderly are attractive targets for financial abuse because they have the following characteristics:
- They may be unfamiliar with technology and have problems managing their finances.
- Perpetrators may assume that the elderly person is so frail that they won’t survive long enough to intervene legally once they are exploited.
- The elderly may be severely debilitated so that they aren’t likely to take actions against the perpetrators.
- The elderly may be embarrassed to go to authorities.
- They may have predictable patterns and receive their social security checks at the same time of the month.
- Perpetrators can predict when the elderly person will be flush with cash.
- The elderly person may have a disability that creates dependence on others. Those who help them may also be perpetrators of financial fraud against the elderly person.
- The elderly person may not recognize that their assets have increased in value (particularly the value of their homes)
- Older people tend to have more wealth than younger people.
If you see several of these signs, it may mean your loved one is being financially exploited.
Signs of financial abuse against the elderly include the following:
- Canceled checks or bank statements that go to the perpetrator’s home.
- Large bank withdrawals or transfers between different accounts that can’t be explained.
- Eviction notices, evidence of unpaid bills or utilities being discontinued due to nonpayment.
- The perpetrator refers to the elder as their new “best friend.”
- The elder person’s care is substandard even when they can pay for it.
- There are ATM withdrawals the elderly person could not have made or other unexplained withdrawals.
- The elderly person is coerced to sign powers of attorney or other legal documents they didn’t understand.
- The perpetrator shows an inordinate interest in how much money the victim is spending.
- There are missing belongings or property that is missing.
- There are forgeries on legal documents or on checks.
- Financial arrangements are sketchy and lack documentation.
- The explanations about the elder’s finances as explained by the perpetrator are implausible.
- The elderly person does not know or understand their own financial situation.
Other Links and Resources
https://www.medicareadvantage.com/complete-guide-to-elder-financial-abuse
