Elder financial abuse refers to the exploitation of older adults through the unauthorized use or theft of their financial resources, property, or assets. This type of abuse can take many forms, including fraud, scams, undue influence, and theft.
Elder financial abuse is a serious problem that can have devastating consequences for older adults, including the loss of savings, financial ruin, and the inability to afford basic necessities like food and housing. It can also result in emotional distress, loss of trust, and damaged relationships with family and caregivers.
Elder financial abuse can be perpetrated by family members, caregivers, financial professionals, and strangers. Signs of financial abuse may include sudden changes in financial transactions, unauthorized withdrawals or transfers of funds, unexplained changes in legal documents such as wills or powers of attorney, and isolation or control over the older adult’s finances.
Preventing elder financial abuse involves taking steps to protect the financial assets and property of older adults. This may include designating a trusted person to oversee financial transactions and accounts, monitoring accounts for suspicious activity, and educating older adults about common scams and frauds that target seniors.
If elder financial abuse is suspected, it is important to report it to the appropriate authorities, such as law enforcement, adult protective services, or an attorney. Legal remedies for elder financial abuse may include civil lawsuits to recover assets, criminal charges against the abuser, and protective court orders to prevent further abuse