Abuse of older adults remains a rampant issue in the United States. One common form of abuse today is financial fraud, with perpetrators taking advantage of victims for monetary gain.
To mitigate this problem, the Justice Department set up the National Elder Fraud Hotline, where victims can report complaints. From March 2020 to April 2023, the hotline handled over 37,000 calls and 4,440 complaint forms, highlighting the scale of the issue.
Protecting your elderly loved one is crucial since financial abuse can have long-term consequences. To help you keep your senior family members safe, here’s what you should look out for.
What are the signs of financial abuse?
This form of exploitation may be challenging to spot since older adults may not even realize that it is happening. You can help protect them by watching out for the following signs of abuse:
- Unusual banking activities: Asking for an ATM card when they have never asked for one may indicate fraud. Unexplained withdrawals and frequent money transfers can also be signs that someone is taking advantage of your elderly loved one.
- Sudden access to online bank accounts: If your grandparents or older parents do not have computer access or are unfamiliar with modern technology, this can be a red flag.
- Unexplainable financial issues: Mounting unpaid bills, missing checks, and lost belongings are also indicative of fraud. These problems may lead to financial struggles that the victim may not have experienced before.
Talking to your senior family members about their finances can be crucial to preventing fraudulent activities. If they are having trouble explaining the changes in how they are managing their money, fraudsters may be targeting them.
Protect your elderly loved ones
Financial exploitation can have long-lasting and devastating consequences, especially for older people who live alone. Scams can result in the victim losing their home or being unable to pay for food, medicine and utilities.
If you suspect an individual is taking advantage of your older family members, you may file a report with Texas Adult Protective Services (APS).
