Information about the Financial Exploitation of Elderly people (ages 60 or older) was the subject of a program presented by Derek Purdon for the Littlefield Rotary Club a few weeks ago.
Purdon defined the process as: the illegal use of an elder’s money or property for personal gain.
He further explained that many cases occur in which the victim is physically or mentally impaired, but many healthy individuals are targeted as well.
“Most cases are perpetrated by someone who is close to the victim, such as adult children, caregivers, and assisted living staff,” he specified.
“It’s not unusual to find that only 1 in 44 financial abuse cases were reported to law enforcement, often due to the perpetrator being a family member, and not wanting them to get in trouble, or wanting to avoid publicity.
He further explained: “Financial exploitation is the most prevalent type of elder abuse, just higher than caregiver neglect.”
Elders are warned about Banking and Phone Scams, where the victim gives a scammer private information about one’s self on the telephone.
Scammers pretend to be from a well-known business, and has the victim to buy gift cards; or in some way gains access to an elder’s online accounts.
Identifying abuse
To identify Elder Financial Abuse, notice changes in bank accounts, such as adding new names to accounts and cards;
Finding unpaid bills or past due notices, despite adequate financial resources;
Change in spending habits, while no longer shopping, or going out to eat, or sudden large transactions.
ATM withdrawals by someone who rarely uses an ATM;
Attempts to wire large amounts of money;
Closing CDs or accounts without regard to penalties.
Report Elder Financial Abuse
Contact Adult Protective Services (APS) 1-833-401-0832.
Contact Bank of elderly person. Tellers look out for suspicious transactions, and usually know almost every customer. (While the bank may not be able to give out information, allegations of financial abuse are taken seriously).
Talk to elderly loved ones if you see signs of financial abuse.
Report instances of fraud to local police.