Understanding Elder Financial Fraud and Exploitation
Financial Fraud is a serious topic that affects millions of people every year. Older adults can be especially at risk of financial exploitation.
Why is this awareness important?
Elder Abuse doesn’t have to be physical. There are many scammers that target and financially exploit older people. It is important to spread awareness to help reduce the prevalence.
Financial signs to look out for
Unpaid bills – If your loved one is normally good about paying their bills on time and begins to fall behind, this is a red flag that should be investigated. Many times, when someone is being financially scammed, bill payments can be impacted.
Unauthorized signatures on financial documents – It may be hard for your loved one to notice that someone is signing financial documents for them. Read this article from Fobes to learn more about how to organize your loved one’s finances.
Unusual spending or overspending – When looking at your loved one’s spending, make sure to look for abnormal spending. It is especially important to look for unusual transactions that may be coming from the same place.
Who is most at risk of financial elder abuse?
People over the age of 60 – Financial fraud has been growing over the years, especially for people over the age of 60. If you have a loved one that is getting to that age, make sure to check in with them about their finances.
People who are isolated – If your loved one is alone most of the time, be sure to check in on them and their finances. Being alone encourages individuals to explore things that they normally wouldn’t. This includes finding financial scams on accident.
People who struggle with dementia/Alzheimer’s – Unfortunately, financial scammers find the most vulnerable people and prey on them. This includes people struggling with dementia or Alzheimer’s. If your loved one battles with one of these diseases, be sure to be vigilant when monitoring their financial accounts.
It is important to make sure that your loved ones are being taken care of and safe with their finances. Checking in with them is the best way to ensure that there is no financial fraud going on in their accounts.