Resources

Protecting the Elderly from Financial Abuse

Financial abuse, or financial exploitation, of the elderly is a growing and often unreported crime.  Financial exploitation can occur without the person’s knowledge, by trickery, intimidation or coercion, or when the person is too confused to give informed consent. The exploitation can be classified in one of two categories: exploitation by a person known to the victim (family member, caregiver, POA, etc.) or exploitation by a stranger (con artists, bogus charities, unscrupulous salesmen, etc.).

How can you protect your elderly friends/loved ones and yourself?

• Never give out your social security number, account numbers, or any other personal financial information over the phone unless you initiated the call.
• Don’t open emails from people you do not know.
• Shred bank statements, bank receipts, credit card statements and credit cards before throwing them away.
• Review your bank and credit card statements regularly and call the institution if you find any instances of unauthorized use.
• Do business with companies you know are reputable.
• Do not let a stranger talk you into sending them money, this includes strangers who say you’ve “won money” and those that say they work for a charitable organization (make sure it is for real).
• Talk to your local banker if you have questions or concerns.

If you suspect financial abuse, talk to the elderly person and try to determine what is happening. Is there a new person “helping” them with their money or is someone taking advantage of them? Report the financial abuse to the person’s banker and enlist their assistance. You may want to contact adult protective services for your area and, all instances of elder financial abuse should be reported to your local law enforcement.