Given the prevalence of scammers, you might feel uneasy entrusting someone else with the care of older family members. Age-related issues like memory loss and other health issues can make older individuals especially vulnerable. If a family member starts to act strangely, you may think, “Is someone trying to scam my mom or dad?”
And it’s good to stay cautious. Millions of seniors fall prey to elder abuse, including financial exploitation, after being set up by trusted family members, friends, and caregivers.
Financial abuse is the wrongful use of an older person’s money, property or assets. It can involve using an older person’s money or assets without their knowledge, pressuring or manipulating them into signing a contract or will, or taking advantage of conservatorship, guardianship or power of attorney.
Signs of financial abuse
Identifying financial abuse in a loved one can be difficult, especially if the victim has come to trust the abuser and does not realize they are being exploited. However, there are still specific patterns in victim accounts that can act as warning signs:
- Unusual bank activity, such as frequent or unexplainable withdrawals and transfers
- Living conditions in the home are disproportionate to their resources
- Unexplainable transfer of assets to another individual
- Sudden changes in the will and other financial documents
- Forged signatures for financial transactions and titles
- Feeling uneasy when discussing finances, unlike before
- Missing personal belongings
- Someone insists on accompanying them to the bank
- Receiving a lot of attention from someone unexpectedly
Why does elderly financial abuse happen?
There are several reasons why someone could commit fraud. Due to financial hardship, in-home nurses may try to extort money from patients. Meanwhile, private companies may try to make a sale by persuading older people to buy unnecessary services like insurance and then overcharging them.
Elderly financial abuse predators also often resort to diversion tactics and manipulations to gain the victim’s trust or cause them to question their own judgment. Because of this, older adults may willingly provide their bank account information to a caretaker, friend or family member who they believe is helping them.
In Texas, elderly financial abuse is a crime. If you suspect financial abuse, you should first talk to your loved one about your concerns. However, because this is not always possible, you may seek assistance from police enforcement or Texas Adult Protective Services.
