Protecting Seniors From Elderly Financial Exploitation
Understanding Elder Financial Exploitation
Financial exploitation can take many forms, from stealing money directly from an elder’s account to more complex schemes like fraud or coercion to sign over property. Often, the exploiters are people the elderly trust: family members, caregivers, or friends. Factors like isolation, cognitive decline, and dependency on others for care can make seniors more vulnerable to such exploitation.
The Impact of Financial Exploitation on Seniors
Recognizing the Signs of Financial Exploitation
Signs of financial exploitation include:
- Unexplained withdrawals from bank accounts,
- Sudden changes in financial situations,
- Alterations to wills and power of attorney without logical explanations.
- Unpaid bills
- Lack of basic amenities despite having adequate financial resources.
Behavioral signs might include:
- The senior being more withdrawn,
- Anxious about finances,
- Having new “friends” who seem overly interested in their money.
Protecting Seniors from Elderly Financial Exploitation
- Protecting seniors from financial exploitation involves legal planning, such as setting up a durable power of attorney and making clear estate plans.
- Financial literacy programs can help seniors and their families recognize and avoid scams.
- Technology, like account monitoring services, can alert users to unusual transactions that may indicate exploitation.
- Using SpendCare is a safe and easy way to make purchases on behalf of your clients Our platform gives your staff, clients, and their families real-time insight into the purchases made by your caregivers and the associated receipts and proof-of-purchase photos.
Responding to Financial Exploitation
If financial exploitation is suspected, it’s crucial to report it to local adult protective services, financial institutions, or law enforcement. There are also many support services and organizations dedicated to helping victims recover and protect their assets. Legal actions can be taken against exploitationrs, including lawsuits and criminal charges.
Financial exploitation of the elderly is a problem that requires attention and action from everyone. By understanding the issue, recognizing the signs, and knowing how to respond, we can all help protect the most vulnerable among us from financial exploitation.
