It’s the Halloween season and people are getting their spook on, likely by visiting haunted houses, trick-or-treating or watching a scary movie with their loved ones. But the sad truth is friends and family are often the scary part for elders suffering from financial abuse and exploitation.
Elder financial exploitation is a growing form of abuse of seniors with declining mental abilities or physical abilities. What’s worse is the abuser is often a loved one or trusted person, including caretakers, family members, neighbors, friends, and even church pastors.
A growing problem
According to the National Adult Protective Services Association, the number of reports involving elder financial abuse has risen dramatically since 2008 with one in nine seniors reporting being financially abused, neglected, or exploited in the preceding year. Ninety percent of the time, family members or trusted persons are to blame for the abuse. However, strangers and “professionals” are often the culprits as well.
A variety of forms of abuse
There are a variety of ways elders are financially abused. Strangers employ scams such as the lottery and sweepstakes scam claiming the elder has won a prize and only needs to pay a certain amount in “taxes” to claim it. Another common scam is the grandparent scam, in which the scammer tells the elder their grandchild is in jail and needs to be bailed out. Financial professionals also exploit seniors through predatory lending practices, selling them an annuity with an unrealistic maturity date, or illegal investment and securities schemes.
Family members and trusted friends, however, are the most likely abusers. Some common ways they exploit elders are through abusing a power-of-attorney authorization to steal assets for their own gain, dipping into an accessible bank account, refusing to use the elder’s assets for necessities like care and medical services so they can use the money themselves, and even threatening to physically hurt or abandon the elder unless they comply with their demands.
How to combat financial elder abuse
Obviously, financial exploitation harms the victim and is often associated with other forms of abuse and neglect. However, you can get help by filing a report with the Adult Protective Services (APS) program for your area. An APS worker will assess the elder’s need and then advocate for their best interest. Often this includes blocking the abuser’s access to joint bank accounts or revoking their power of attorney. The APS worker may contact a law enforcement agency to investigate and prosecute if necessary.
Our elders worked hard in the past to give us the best quality of life and it’s important for us to make sure their later lives are filled with satisfaction and contentment, not fear and isolation. Recognizing the signs of elder financial exploitation and contacting your local APS office could go a long way in improving someone’s life.
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