Elder Financial Abuse, part 1

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What are the warning signs that a person may be abused financially?

Actually, they are pretty telltale:

• Unpaid bill notices, eviction notices and disconnected utilities, when they happen to an older person who has a new friend or a relative helping them, are a fairly good indicator;
• Belongings or property are missing. They may clearly state that they gave them to the person who Is suspect;
• Account withdrawals or transfers that the older person cannot explain or claims to not remember;
• Unusual activity in their accounts: increase in checks cashed, transfers and/or ATM withdrawals; 
• New best friends, or new old friends of the family;
• Hired caregivers taking an interest in the person’s finances;
• Absence of account statements or other financial arrangements papers
• Unlikely explanations regarding the older person’s finances, either by the caregiver or the victim.

I understand that it may not always be easy to see a person’s bank statements but if you are a caring relative who fears financial abuse, this list at least will help you know what to look for.

Furthermore, be aware that, in some cases, the victim is aware of the crime and may have reasons to be unwilling to admit it or accuse the criminal: they may fear being left to fend for themselves, or deemed unable to fend for themselves (put in a home); other times there may be a physical abuse situation parallel to the financial one and they may fear for their own safety. It’s a delicate situation, so please treat any investigation into this type of problem very tactfully.

Also, take into account that many of these cases go unreported, uninvestigated and unprosecuted because very often the victim is related to the criminal and unwilling to press charges.

What can I do if I believe that an older person that I know is a victim of this exploit?

If you are in the United States, your best source to get started is the Department of Justice’s Elder Justice Initiative website.

On it you will find the resources to report elder financial abuse by state and zip code; resources for the elder and their families; a blog with lots of useful information. It’s the best site in existence right now and it’s continuously updated with new information and sources.

Elder financial abuse is a big upset for all.

If you live abroad I suggest looking for this type of site in your country. If you find none, search for elderly assistance government agencies that might be able to assist you. Ultimately you can also report the problem to the authorities, of course. The US site listed above also has information on how to handle your investigation regardless of where you live, so it’s still useful.

Please, take a few moments to think of the elderly that you know and see if anyone might fit into any of these patterns. It’s a civic duty. And also, please share this information with others. The more awareness of this problem, the better equipped we all are to help.

My next article will be directed to you, the possible victims of this type of abuse. See you in ten days!