What is Financial Abuse of Elderly Persons and What to Do if You Suspect It?
Financial abuse of elderly persons is a serious and growing problem. If you suspect that an elderly person is being financially abused, there are several steps you can take to help them.
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What is Financial Abuse of Elderly Persons?
Financial abuse of elderly persons is a serious and growing problem. It's estimated that one in five older adults experience some form of financial exploitation, and the consequences can be devastating.
What are the Signs of Financial Abuse?
- Unusual financial transactions or withdrawals
- Changes in the elderly person's financial habits or behavior
- Unexplained changes in their living situation or relationships
- Difficulty accessing their financial information or accounts
What are the Forms of Financial Abuse?
- Stealing or misusing their money or assets
- Forcing them to sign documents or make financial decisions without their understanding
- Using their personal information to commit fraud or identity theft
- Withholding necessary financial information or control from them
What to Do if You Suspect Financial Abuse?
Report your concerns to the authorities. You can contact your local Adult Protective Services (APS) agency or the National Center on Elder Abuse (NCEA) to report suspected financial abuse.
Seek legal help. A lawyer can help you understand your rights and options, and can also help you take legal action to protect the elderly person's interests.
Work with the elderly person's financial institution. If you suspect that an elderly person's financial institution is involved in the abuse, you can contact the institution's fraud department or report the incident to the Federal Trade Commission (FTC).
Monitor the elderly person's financial activities. Keep track of their financial transactions and monitor their accounts to ensure that they are not being exploited.
Provide emotional support. Financial abuse can be emotionally devastating, and it's important to provide the elderly person with emotional support and reassurance during this difficult time.
How to Prevent Financial Abuse?
It's also important to be aware of the signs of financial abuse, which can include:
- Unusual financial transactions or withdrawals
- Changes in the elderly person's financial habits or behavior
- Unexplained changes in their living situation or relationships
- Difficulty accessing their financial information or accounts
If you suspect that an elderly person is being financially abused, it's crucial to take immediate action to protect them and prevent further harm. By working together, we can help prevent financial abuse and ensure that our elderly loved ones are safe and protected.
