Elder Financial Exploitation is Elder Abuse and Stealing    

Older Americans sometimes hold a higher concentration of wealth as compared to the general population. In the instances where elderly individuals experience declining cognitive or physical abilities, they may find themselves more reliant on specific individuals for their physical well-being, financial management, and social interaction. While anyone can be a victim of a financial crime, such as identity theft, embezzlement, phone-scams, or fraudulent schemes, certain elderly individuals may be particularly extra vulnerable. Many Seniors are so trusting and don't understand the ways the world works now.

It's up to you to know the signs....Families, friends, caregivers, financial institutions & those having a fiduciary relationship with the senior must know and evaluate the indicators of potential financial exploitation of Seniors. In combination with other red flags and expected transaction activity being conducted by or on behalf of elderly clients. Additional investigation and analysis may be necessary to determine if the activity is suspicious. In addition, financial institutions and their representatives may become aware of persons or entities perpetrating illicit activity against the elderly through monitoring transaction activity that is not consistent with expected behavior. Financial institutions and their representatives may also become aware of such scams through their direct interactions with elderly clients who are being financially exploited. In many cases, a representative’s familiarity with specific victimized clients may lead to identification of anomalous activity that could alert the institution to initiate a review of the client’s activity.

The Signs of Elder Financial Exploitation

The following are the red flags that could indicate the existence of elder financial exploitation. This list of red flags identifies only possible signs of illicit activity.
  • A caregiver or other individual shows excessive interest in the elder's finances or assets, does not allow the elder to speak for himself or herself, or is reluctant to leave the elder's side during conversations.
  • The elder shows an unusual degree of fear or submissiveness toward a caregiver, or expresses a fear of eviction or nursing home placement if money is not given to a caretaker.
  • You are unable to speak directly with the elder, despite repeated attempts to contact him or her.
  • A new caretaker, relative, or friend suddenly begins conducting financial transactions on behalf of the elder without proper documentation.
  • The elder moves away from existing relationships and toward new associations with other "friends" or strangers.
  • The elder's financial management changes suddenly, such as a change of power of attorney to a different family member or a new individual.
  • The elder lacks knowledge about his or her financial status, or shows a sudden reluctance to discuss financial matters.
  • Check your loved-one's bank statements and phone records for fraudulent "PHONE SCAMS."
  • A senior with pre-dementia, dementia, or any stage of Alzheimers who can not account for lost money.
  • A brother, sister, or any family member who becomes agitated/disturbed by your interest in your parents financial affairs.

"It could even be that favorite niece, who always comes by to lend-a-hand the week before her own check arrives." 

The National Center for Elder Abuse link:

Al Warren
Senior Family Alliance
901.217.1805 office
855.SENIOR6 toll-free

*This document has been shortened, paraphrased, and based upon The Financial Crimes Enforcement Network (FINCEN) a bureau of the United States Department of the Treasury. (FIN-2011-A003)

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I work for Seniors with all the Medicare Plans & Sr.Financial Planning... I saw what was happening in the homes of senior families and sacrifices seniors made for their prescriptions & health coverage. So I built a Saving & Educational place for my Seniors & their Families. I had my 1st Medicare Plan job in 1979. I worked for some large Wall Street firms years ago, there I was educated in senior's finance/safe investing, finished my CFP educational requirement in 01'. Now, I am a Plan Broker representing more 172 Medigap-Sups, Plan C Advantage, & Drug Plans. Now, I just apply my education & skills to benefit "Senior Families".. From Federal Housing to Assisted Living to Golf Course Patios, it's the same mission: Education & Healthcare; bringing SAVINGS-SECURITY-DIGNITY. We welcome comments on any posts. Remember, this is a WWW platform so protect your identity, you can post anonymously. Call us Toll-Free 855-SENIOR6 for private help. THE SENIOR FAMILY ALLIANCE IS NOT AFFILIATED WITH THE U.S.GOVERNMENT, STATE DHS, OR MEDICARE. ONLY COMPENSATED BY THE PROVIDER COMPANIES OF THE PLANS. PLAN DETAILS PRESENTED UNDER MEDICARE SOA RULES.