Stop Elder Financial Abuse Before It Can Start

Elder financial abuse has many faces. It might come in the form of strangers pushing a “confidence game” where they earn the victim’s trust, a caregiver charging an exorbitant rate for her services, or a family member who has a sense of entitlement to the victim’s money.

Befriending involves unscrupulous people making the acquaintance, and gaining the trust, of a senior who has something they want — usually money. They may ask for money directly or provide a real or imagined service for seniors with an unrealistically high price tag.

Either way, it gets done with a smile. There are warning signs to look for. In these cases, the warning signs share one thing in common: A new best friend.

To make sure someone you love doesn’t fall victim to an elder financial abuse scam, keep a lookout for the following warning signs:

• The appearance of a new “best friend.”

• Unexplained missing funds.

• An overreaching caregiver – for example, one who opens the senior’s mail.

• Bank statements no longer come to the senior’s address.

• Unusual checks or credit card charges.

• Medications going missing.

• The appearance of new electronics that might be used by caregivers, such as a large flat-screen television or a new laptop.

Someone can increase the chance of nipping elder financial abuse in the bud by recognizing what makes a senior vulnerable, including:

• Physical or mental handicaps that might impair his or her ability to stop financial abuse.

• Having a family member with a drug or gambling addiction.

• Depression.

• Being unaware of their assets.

• Isolation and loneliness.

• Being intimidated by technology, especially as it relates to finances.