What Is Financial Abuse & How Can We Prevent It?
Elder financial abuse is the illegal or improper use of an older adult’s funds, property, or assets. It can take many forms, including theft, fraud, scams, embezzlement, or coercion. Elder financial abuse is a growing problem, as older adults often have a significant amount of assets and may be more vulnerable to financial exploitation due to isolation, cognitive decline, or physical incapacity.
It is important for older adults, their family members, and caregivers to be aware of the signs of elder financial abuse and to take steps to prevent it. As a mandated reporter, if you suspect that an older adult is being financially abused, you are required to contact Adult Protective Services or the Police immediately.
There are several steps that can be taken to prevent elder financial abuse:
- Keep personal information and financial documents safe and secure.
- Never give personal information or financial information to anyone over the phone, through the mail, or online unless you initiated the contact and know the person or organization.
- Be suspicious of unsolicited offers of “free” gifts or prizes, especially if they ask for financial information.
- Be skeptical of requests for information or money, especially if they come from someone you don’t know or haven’t heard from in a long time.
- Never sign anything without reading and understanding it first.
- Ensure that the older adult or their legal representative is monitoring the person’s bank account transactions, credit card transactions, and other financial activities.
- Encourage older adults to seek legal or financial advice from a professional if they are considering a significant financial decision.
- Report any suspicious activity or suspected abuse to the appropriate authorities – Remember, you are a mandated reporter!
- If they are experiencing cognitive decline, encourage the older adult to consider giving power of attorney to a trusted family member or professional.
