The elderly are often a main target for many different types of abuse, including financial abuse. Financial elder abuse can take a few different forms, from falling for scams to or family members using them for their resources. Seniors who remain in control of their finances are at risk for many of these situations.

What is Financial Elder Abuse?

Financial abuse is any behavior that causes harm through the illegal or improper use of funds, property, or assets. Examples may include coercing a change in a will, bank account or property transfer, taking cash or using credit cards without permission or knowledge of the owner. This abuse causes serious problems as it can result in loss of independence, their home, life savings, health, and dignity.

Who Can Fall Victum?

Many elderly people can easily fall victim to younger family members, spouses, neighbors, former coworkers, and of course scammers. Living alone, or having a lack of family or community puts someone more at risk for financial elder abuse. Another risk factor is any type of physical or mental disability. Even a financially successful person can succumb to elder abuse later in life. And those who lack knowledge or who have recently lost a spouse are especially at risk.

What to Look for.

Common signs to look for in older loved ones are typically easy to see if you are in the know, but difficult for the elder to notice. Things like unpaid bills despite adequate income could be a sign. Transferring assets to new friends, withdrawing large sums of cash, and checks written out to cash as sure signs of a scam or financial abuse. But more subtle clues like the disappearnce of valuable assets, or a sudden change in their will or other legal documents should put you on alert too.

It is unfortunate that our elders are often a target for abuse as they age and their faculties decline. Knowing the signs and ways to prevent it now, can help yourself later in life and your loved ones now. If you are a witness or suspect to an abusive situation involving a senior, you can contact the National Adult Protective Service and find your local chapter to submit a report and get help.