Red flags for elder financial abuse Hills Bank has measures in place to try and detect fraudulent activity. There are also steps you can take to better protect the senior(s) in your life. If you’re responsible for the care of an elder, or even are just visiting an elderly loved one, you can make him or her aware of the different ways scammers and other unscrupulous people may try to take advantage of them. Knowledge is the best form of protection! With the elder’s permission, you can also keep an eye on their finances. You can see all the transactions on a Hills Bank account through our online banking interface or through our mobile banking app on iOS or Android devices. Here are a few financial red flags that may be signs of elder abuse: • Frequent large, unexplained withdrawals • Sudden overdraft or non-sufficient funds alerts • Overdue notices from bills or services, which may indicate a loss of funds or access to funds • Closing or opening accounts without regard to penalties or services • Uncharacteristic attempts to wire large sums of money If a senior in your life has another caregiver you interact with, there are also some behavioral red flags to consider: • A caregiver or other individual shows excessive interest in the elder’s finances or assets, does not allow the elder to speak for him/herself, or is reluctant to leave the elder’s side during conversations • The elder shows an unusual degree of fear or submissiveness towards a caregiver, or expresses a fear of eviction or nursing home placement if money is not given to the caregiver • You are unable to speak directly with the elder, despite repeated attempts to contact him or her
In general, you should watch for a sudden change in an elder’s financial situation or accounts, as well as changes in their outlook or behavior. Unexplained withdrawal from normal activities, a change in alertness, unusual depression, and other signs of emotional stress could mean that he or she is experiencing elder abuse – whether related to their finances or otherwise.
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1st Quarter 2020
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