How to Spot and Stop Elder Financial Abuse

The U.S. Department of Justice estimates that over 10% of seniors have or will become victims of Elder Financial Abuse. This type of crime involves the theft of money, property, or identity from an older American. The worst part is the exploitation is often committed by someone the victim knows.  Let’s look at elder financial abuse and what all of us rooted in the community can do to put a stop to it.  

Signs of Elder Financial Abuse
Some older Americans are polite and trusting, having a hard time simply hanging up on a person trying to con them out of their life’s savings. Others may feel isolated, and a new acquaintance can seem like welcome company. However, it can be difficult to know if someone has fallen for a scam or con. Here are some of the most common signs someone has become a victim of elder financial abuse.

• Changes in their finances: They are suddenly making large withdrawals from their accounts or transferring money to someone you don’t know.
• Staying away from friends and family: Victims will often be isolated from family and friends by the criminal in order to retain control of the situation.
• Neglected finances and bills: The victim will neglect bills and utilities in favor of sending or giving money to the criminal.
• Increased fearfulness or anxiety: When the victim is faced with threats or manipulation, they can often show a change in behavior.
• Valuables and documents disappear: These can include valuable heirlooms as well as documents (wills, trusts, titles to vehicles, financial statements).
• New friends or caregivers: These individuals may attempt to gain an elderly person’s trust to access their finances.
• Signed contracts: Watch for newly signed documents that the senior doesn’t fully understand or remember signing.     

How to Prevent Elder Financial Abuse and Exploitation
While spotting warning signs is important, preventing abuse before it begins is even better. Here are the five things you can do to keep it from happening to a senior in your life.

Stay informed and educated: Keep up on the latest scams affecting seniors. Check out the Consumer Financial Protection Bureau and National Council on Aging for more.

Encourage open communication: This includes sharing the latest scams with them and what to do if they are confronted by a criminal.

Establish legal protections: Put a trusted person in charge of their finances through a power of attorney so that if/when the senior cannot take care of things themselves, someone can protect them. Additionally, consult with a financial advisor or attorney to create a solid estate plan and safeguards against elder financial abuse.

Watch their finances: Review financial accounts regularly, ask about their monthly bills, and look for any large cash withdrawals or payments to unknown entities.

Help protect their personal information: Encourage them to keep all personal and financial information private. Tell them to avoid sharing any information over the phone and to delete any emails or text messages that are out of the norm or seem even remotely suspicious.

Report Elder Financial Abuse
If you suspect any abuse, report it to your local authorities, contact the victim’s primary financial institution, and connect with the National Center on Elder Abuse. If you are a Mid-Atlantic FCU member and you spot elder financial abuse or worry you may have been victimized, call us at 301-944-1800 or 800-95-MAFCU.