Protect Against Elder Financial Abuse

Elderly woman holding purse full of money with many hands trying to grab it.

Elder Financial Abuse Awareness

A recent study by the American Association of Retired Persons (AARP) highlighted

characteristics of people older than 50 that make them easy targets for financial abuse.

They are more likely to be home than their younger neighbors, they are often within

easy reach of devious telemarketers and home solicitors.

The scam artists often pose as trustworthy helpers. They can be strangers, such as

telemarketers and tradespeople, or have a relationship with the targeted victim, such

as friends or family members.

Elder financial abuse scammers can be tough to catch. Many scammers have paperwork

that appears to give them legal authority to act and have intricate ways of hiding their

tracks by manipulating electronic records.

Signs Of Elder Financial Abuse

Frequent large bank withdrawals
Sudden non-sufficient fund activity
Uncharacteristic nonpayment for services
Debit transactions inconsistant for the individual
Closing of accounts or CD's without regard to penalties

Get Some Help

If you suspect financial abuse against an elderly person, get them help by notifying

proper bank personnel and local law enforcement.

You can also visit the National Center on Elder Abuse https://ncea.acl.gov or call

The Eldercare Locator Helpline at 1-800-677-1116.

Common Financial Scams

Financial scams perpetrated against older people include a broad

range of conduct; from outright taking of money or property to

forging a signature on a legal document, such as a will or deed,

to getting paid for care, products, or services and then not

providing them.

Keep an eye out for some of the following financial scams...

Telemarketing or mail fraud. Scammers use the phone to conduct

investment and credit card fraud, lottery scams,and identity theft.

Scammers also use the phone to sell seniors goods that either

never arrive or are worthless junk.

Getting unauthorized access to funds. In "Sweetheart Scams”,

alleged suitors woo older people, convincing them that love and

care are their motivations for being included on bank accounts or

property deeds; the suitors usually disappear along with the property.

Charging excessive amounts of money. Smooth-talking scammers

first convince seniors that they need some goods or services, then

seriously overcharge them -- often hiding the high cost in

extravagant schemes involving interest and installment payments.

Using fraudulent legal documents. Many scammers cloak their

actions in legal authority, procuring a power of attorney or will or

other legal document giving them access to a senior's property.

They get seniors to sign these documents by lying to, intimidating,

or threatening the seniors.

Faking an injury scenario. In this situation, a scammer claims to

have a connection to law enforcement and tells an elder that a

child or other close family member has been seriously injured or

is in jail. The scammer then convinces the senior to give him or her

money for medical treatment or bail.

Offering false prizes. A good example of this is the "You have won

the lottery" scam. In this scam, con artists tell an elder that he or she

has just won a huge cash prize, but needs to send in some money --

usually in money orders -- to free it up from customs officials.

Doing unsolicited home repair work. Typically working in teams of

two or more, scammers scour neighborhoods and then appear on

an elderly person’s doorstep claiming to spot something in need of

fixing -- then often claim that their initial investigation reveals a more

serious problem, with a more expensive solution.