PREVENTING ELDER FINANCIAL ABUSE: RED FLAGS TOWATCH FOR
Seeing your parents, grandparents, and other relatives grow old can be bittersweet. Though there are many joys in getting to one’s golden years, there are also a number of new areas of concern that responsible caretakers and relatives should be aware of, including elder financial abuse . Elder financial abuse (also called financial exploitation) is any fraud or otherwise illegal or improper activity that uses the assets, belongings, benefits, or resources of an older person for financial gain. Unfortunately, this abuse is often perpetrated by the people responsible for a senior’s care, including their children and other caregivers. As a caregiver, loved one of an elder, or a future patient, here are some types and examples of financial abuse and fraud to be aware of – and some red flags to watch out for. Examples of elder financial abuse There are a number of different scams and tactics used to financially exploit elderly people, including: • Coercion: Forcing the elder to sign away their rights or possessions, often using emotional manipulation – like promising to help or provide care only if they comply • Forgery: Faking the elder’s signature on a check or other document, such as a will, deed, or power of attorney • Fraud: Wrongful or criminal deception. Fraud targeted toward the elderly often uses deceiving language, exaggerated claims, or scare tactics to convince them that they need a particular service or product. • Theft: Stealing money from an elderly person, charging purchases to them without their permission, and even stealing their identity Fraud, scam, and illegitimate offers Here are a few examples of common scams, fraud, and other illegitimate products and solicitations targeting seniors: • Fake investment, insurance, or charitable giving offers • Impersonating an agent from well-known organizations, such as the IRS or AARP • Pharmaceutical/health/diet products that are unreasonably expensive and/or don’t work
• Lottery or sweepstakes “winnings” that come out of the blue • Tech support for real or made-up computer or smartphone issues
Though the examples above are not always fraudulent, it’s important to be aware of typical approaches these scammers use so you can better protect those who are most at risk of being victimized: over half of fraud victims in the U.S. are individuals over 50, according to the AARP.
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