Silent Assault : Financial Abuse Against the Elderly

Abuse does not have to be physical to hurt.

The most frequent type of abuse against elders is financial abuse. 

It’s estimated that older adults lose almost $3 billion annually as a result of being the victims of financial theft and fraud.

Women between the ages of 80 and 89 who live alone and
who require some means of help outside the home are most frequently the victimsof financial abuse in the U.S.

The largest degree of  financial abuse against elders is committed by strangers. Crimes classified as scams accounted for 28% of all financial abuse reports.

The older adult with a visible handicap such as use of a cane, handicap sign posted in a car or a walker or who shows signs of confusion
is often targeted by con artists, purse snatchers and physical assault.

But there are many victims of financial abuse who never realize they are being robbed of their assets. Family or friends or a trusted “advisor”
tap into savings accounts, use the elder’s credit cards, transfer assets and
are responsible for forged checks.

Here are some indicators of financial abuse:b

• Increased activity on credit cards or new activity on ATM
cards

• Withdrawals from savings or CDs which incur penalties;
increased cash withdrawals in round amounts such as $50 or $100 or $200

• Changes in beneficiaries or changes in authorized signers

•  Recent financial transactions which cannot be explained

•  Property title changed; quitclaim deed, or new or refinanced mortgage

• Recent change in Power of Attorney or Durable Power of Atty.

• Recent change in will or trust, when elder is clearly incapable of making such a change him or herself.

• Recent change in will or trust to favor a new “friend” or “advisor”

Coming:   Scams Targeting Elders