Question: What are the Warning Signs of Financial Expoitation of Seniors
Financial exploitation of seniors is a serious and all too common problem. Seniors are particularly vulnerable to scams and other forms of financial exploitation because: 1) the wealth that they have accumulated over a lifetime, 2) they may not be familiar with newer types of investing and 3) mental challenges such as dementia or memory trouble may leave them more vulnerable.
Signs of Financial Exploitation of Seniors
There are some things you should watch for when trying to protect a senior from financial abuse.
- Large, unexplained withdrawal of money from a bank account
- Sudden changes in financial situation
- Missing items (like cash or antiques)
- Strange changes in wills, power of attorney or other legal documents
- Unpaid bills
- Unnecessary purchases, services or items.
Of course there are hundreds of other ways that a senior can be financially exploited. If you are truly concerned, ask your loved one to have the bank, brokerage firm or other financial institution send you copies of statements. That way you can track expenditures (making sure bills were paid) without asking for control over the money.
If you suspect that someone may be financially exploitation a senior, your can call the elder abuse hotline: 1-800-677-1116
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Source:Types of Elder Abuse. Administration on Aging.