According to the Consumer Financial Protection Bureau, Financial Abuse (Or Exploitation) is defined as: Taking or misusing someone’s money or property to benefit someone other than the owner. The Department of Justice states that 1 in 10 older adults will be exploited. What can you do and how can you protect your loved ones? We suggest following these steps.
Prevent & protect: Know where you are vulnerable
An important part of protecting yourself and your loved ones from financial abuse is understanding the areas where there are chances to be exploited. Wayne State University, Institute of Gerontology helped develop a survey that helps you and your loved ones explore if you are vulnerable to exploitation. Take the quiz.
Educate yourself to the many kinds of financial abuse
Once you understand you or your loved one’s level of vulnerability, you will know what to be on guard against.
John Schwartz, President of the Center for Combating Financial Abuse highlights the many different kinds of financial exploitation to older adults and provides information about individuals convicted of elder fraud. Read more details on their website.
Recognize the signs and look for red flags
The Consumer Financial Protection Bureau offers warning signs that your loved one might be experiencing financial abuse.
Ask yourself:
- Does your loved one report that someone is stealing or mishandling their money/property?
- Do they say credit cards, bank account or important papers are missing?
- Have they become more private or secretive?
A few red flags:Â
(more available at consumerfinance.gov)
- Your loved one is being pressured/threatened to make financial decisions
- Someone is isolating your loved one from family and friends
- Your loved one, a family member or financial caregiver, has a problem with gambling, drugs, or alcohol
- Unpaid or late payment of bills when your loved one should have enough money to cover expenses
- Someone acting as your loved one’s financial caregiver without permission
- Your loved one seems to be spending a lot of money quickly
- Your loved one makes frequent or expensive gifts to a family member, care team member or volunteer.
Record what is happening. Write down all warning signs you observe:
- Include the dates, times, locations, and details of incidents, the names of people who observed the incident, and photographs or other proof of what you observed.
- Keep a record of all communications such as phone calls, meetings, letters, and emails.
- List the names and contact information for anyone you speak to about your concerns.
- Talk to staff members and volunteers who work with your loved one about what they may have observed and document what they report.
Report it:
You are in a unique position to help protect your loved ones from financial abuse. If you suspect financial abuse, you should report your suspicions to the appropriate authorities. Include as much information as possible in your report. Share what you have observed. Even if you don’t have all of the details, you should still file a report. The authorities who investigate the situation do not expect you to know everything.
Report elder financial abuse to the right place:
- If there is an urgent risk of harm, you should call 911 right away. Otherwise, you can call the non-emergency number for your local police or Sheriff’s office to file a report.
- If you suspect elder abuse (financial or otherwise), report it to Adult Protective Services (APS). APS has social services programs in each state. They serve older adults and adults with disabilities who need help due to abuse, neglect, or exploitation. Adult Protective Services is a common term, but this may not be the name of the agency in your state. Find your local APS.
- You can also report financial abuse to your local District Attorney’s office and ask them to prosecute the person who took advantage of your loved one.
How Care is There can help:
- Be a knowledgeable resource about Elder Financial Abuse/Exploitation and ways to help you protect your loved one
- Be another set of eyes on your loved one and watch for signs of financial exploitation
- Help you and your loved one walk through the process of reporting Financial Abuse and Fraud
- Care is There Daily Money Managers are available to assist with bills and payments to help keep your loved one safe
Next Steps
Contact Care is There today for a free consultation!
Central Virginia: 434.326.5323
Shenandoah Valley: 540.246.0211
Toll Free: 800.434.1633
Email: Info@CareisThere.com