Simone Lawson
Elder abuse is a serious issue, and it can take many forms, including physical, sexual, mental, and financial abuse. Financial abuse, or financial exploitation, is a specific type of crime that involves the illegal or unauthorized use of an older person's financial resources by someone in a position of trust, such as a caregiver, family member, or friend. This can include stealing money, misusing funds, or selling an elder's possessions without their consent. As elders often require assistance with their finances, it is important to be vigilant for signs of financial abuse and to understand the relevant state laws and reporting procedures.
| Characteristics | Values |
|---|---|
| Definition | Financial abuse is a form of elder abuse that occurs when someone takes or misuses an older person's money or property for their own benefit or the benefit of someone other than the older person. |
| Forms of financial abuse | Theft, fraud, forgery, embezzlement, money laundering, charging too much for services, failing to repay money owed, or not doing what was paid for. |
| Who commits financial abuse? | Friends, family members, caregivers, nursing home staff, lawyers, managers, financial advisors, strangers |
| Why does financial abuse happen? | Perpetrators may choose money over the trust and well-being of the older person, especially if the elder is a family member. Fear that the elder will spend all their savings and leave nothing for the family may also be a factor. |
| Risk factors for victims | Alzheimer's, dementia, isolation, and other conditions that limit decision-making ability or cognitive function can make older adults more vulnerable to financial abuse. |
| Reporting financial abuse | Reports can be made to local or state agencies, Adult Protective Services (APS), law enforcement, the District Attorney's office, or relevant professional organizations depending on the context. |
| Prevention | Maintaining frequent contact with elders, ensuring they have a supportive network, and helping them realize their risk of being targeted can aid in prevention. |
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What You'll Learn
Financial abuse
If you suspect financial abuse, you can report it to Adult Protective Services (APS), which is the key social service agency to call when you suspect financial abuse or any other kind of elder abuse. Additionally, you can contact the local District Attorney's office and ask them to prosecute the person taking advantage of your loved one. If the financial abuse involved a financial account, work with your loved one to contact their bank, credit union, credit card company, or other financial services provider as soon as possible. Depending on the situation, the financial institution may be able to help your loved one recover their money.
It's important to note that the definition of what constitutes elder abuse or financial abuse varies across different states, so it's recommended to check your local state statutes and consult an attorney if needed.
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Theft
Financial elder abuse is often committed by people in a position of trust or power, such as caregivers, family members, or friends, who have access to the elder's finances. It can also be facilitated by "undue influence," where the perpetrator creates a manipulative dynamic to take advantage of the older person. This can be common with older people who are lonely and may be more susceptible to manipulative friendships.
Additionally, elder abuse can occur when a caregiver or other trusted individual fails to act in the best interest of the older adult, such as failing to repay money owed or not fulfilling the services they were paid to do. This can also include failing to meet the basic needs of the elderly, as neglect is a form of elder abuse.
To prevent financial elder abuse, it is important for older adults to be aware of the risks and to have a support network of people they can trust. Family members and friends should also be vigilant and report any suspected financial abuse to the relevant authorities, such as Adult Protective Services (APS) or the local District Attorney's office.
In summary, theft is a clear form of financial elder abuse and can have severe consequences for the victim. It is important to be aware of the signs of financial elder abuse and to report any suspicions to the appropriate authorities to protect older adults from exploitation and ensure their financial security.
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Fraud
Financial abuse, sometimes referred to as financial exploitation, is a form of elder abuse. It occurs when an older adult is financially exploited by friends, family members, or caregivers, including nursing home staff. Financial abuse can also be committed by strangers, as is the case with phone and email scams that target seniors.
Financial abuse can take many forms, including fraud, theft, forgery, embezzlement, and money laundering. Fraud, in particular, involves deception and trickery to gain an unfair advantage, typically to obtain money or property from the victim without their knowledge or consent. For example, a Florida pastor posed as a contractor and charged an elderly woman over $35,000 for faulty renovations to her home. In another case, a man and his ex-wife stole over $350,000 from his elderly mother's bank accounts.
Caregivers, including family caregivers, are in a position of trust and may commit fraud or financial exploitation by stealing cash or other valuables, misusing the elder's money or assets, or charging excessive fees for services. They may also abuse their power of attorney, which gives them legal control over the elder's finances and assets. For example, an Iowa woman was sentenced to two years in jail after taking over the power of attorney from a disabled Army veteran in a nursing home and spending more than $120,000 of the veteran's money.
To prevent and address financial abuse, it is important to be vigilant for any signs of fraud or exploitation. Red flags include large, frequent, or unexplained bank withdrawals or fund transfers, changes to a more complex bank account, or a new person conducting financial transactions on the elder's behalf without proper documentation. If financial abuse is suspected, it should be reported to the appropriate authorities, such as the local Adult Protective Services agency or the police. Additionally, seeking help from an ombudsman, social worker, or elder patient advocate can be beneficial.
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Forgery
Financial abuse is a form of elder abuse. It occurs when someone takes or misuses an older person's money or property for their own benefit or for someone else's benefit, other than the older person. This abuse can be perpetrated by friends, family members, or caregivers like nursing home staff. Older people with conditions like Alzheimer's or dementia that limit their ability to make decisions are prime targets for elder financial abuse as they may not be able to recognize or take action against it.
If you suspect elder financial abuse, including forgery, it is important to report it to the appropriate authorities. In the United States, you can report it to Adult Protective Services (APS), which are social services programs in each state that serve older adults and adults with disabilities who need help due to abuse, neglect, or exploitation. You can also contact your local law enforcement agency or the District Attorney's office to prosecute the person who took advantage of your loved one. Additionally, if the financial abuse involved a financial account, you should work with your loved one to contact their bank, credit union, or other financial services providers as soon as possible. These institutions may be able to help recover the lost funds.
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Embezzlement
Financial abuse, sometimes referred to as financial exploitation, is a form of elder abuse. It occurs when someone takes or misuses an older person's money or property for their own benefit or for the benefit of someone other than the owner. This can include theft, fraud, forgery, embezzlement, or money laundering. Elder financial abuse is often perpetrated by those closest to the victim, including friends, family members, caregivers, or nursing home staff.
Elderly individuals with Alzheimer's or dementia are particularly vulnerable to embezzlement due to their limited decision-making abilities and cognitive decline. They may be unable to recognize or take action against the abuse, making them easy targets. In one case, three caregivers stole over $300,000 from a woman with dementia by selling her jewelry, using her social security checks, and draining her bank account.
To prevent embezzlement and protect older adults from financial abuse, it is crucial to be vigilant and recognize the signs. Family members and friends can play a vital role in safeguarding their loved ones by being aware of any new or suspicious "friendships" that develop, especially if the older person is lonely or socially isolated. Additionally, keeping a close eye on the elder's finances and reporting any unauthorized transactions or suspicious activities can help deter potential abusers.
If you suspect that someone is being financially abused or is at risk of embezzlement, there are several steps you can take. Start by gathering as much information as possible and reporting your concerns to the appropriate authorities, such as the local police, the District Attorney's office, or adult protective services. You can also seek help from a social worker, elder patient advocate, or resident and family councils within the individual's community. In cases where the financial abuse involves a financial account, it is crucial to contact the relevant financial institution, such as a bank or credit card company, as they may be able to recover the lost funds.
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Frequently asked questions
Elder abuse is an intentional act or failure to act by a caregiver or another trusted person that causes or creates a risk of harm to an older adult. This includes physical, sexual, mental, or financial abuse, as well as neglect.
Taking care of someone's money can be a form of elder abuse if it involves the illegal, unauthorized, or improper use of an older individual's resources for the benefit of someone other than the older individual. This is called financial abuse or financial exploitation.
Financial abuse can take many forms, including stealing money or other valuable items, misusing money or property, failing to repay debts, charging excessive fees for services, or not fulfilling obligations after being paid. It often involves other crimes such as theft, fraud, forgery, embezzlement, or money laundering.
