Learn to spot the signs.
There are many types of elder abuse, however one of the fastest growing forms is Elder Financial Exploitation. It is defined as the unauthorized or improper use of an older person's funds, property, or assets, for another person's benefit.
Who is doing this?
Perpetrators can be anyone who has contact with the older person. This can be family members, friends, neighbors, caregivers, heath care providers, business associates or strangers.
Tips for seniors:
- Never rush into a financial decision and feel free to get a second opinion.
- Keep your financial documents, checkbook, and other sensitive information somewhere secure.
- Regularly review your credit report, or freeze your credit if not in use.
- Build a relationship with your credit union, and the pople who handle your finances. They can help be on the lookout for suspicious activity.
- Consult an attorney or financial advisor before signing a document you don't fully understand.
- If something doesn't feel right, call your credit union! We are here to help.
Tips for family and friends:
Look out for common red flags, such as:
- Large or unexplained withdrawals.
- Changing from basic accounts, to ones that offer complicated and unnecessary services.
- Sudden unpaid bills.
- New "friends" accompanying an older person to the bank.
- Closing CD's or accounts without regard to penalties.
- Sudden changes in wills or trusts.
If you suspect Elder Financial Exploitation:
Contact Adult Protective Services (APS) in your area, and contact your bank or credit union.
For more information, visit http://www.napsa-now.org/financial-exploitation
