10 Warning Signs of Financial Exploitation
The National Center on Elder Abuse defines Financial or Material Exploitation as:
The illegal or improper use of an elder’s funds, property or assets.
Examples include, but are not limited to, cashing an elderly person’s checks without authorization or permission; forging an older person’s signature; misusing or stealing an older person’s money or possessions; coercing or deceiving an older person into signing a document (e.g., contracts or will); and the improper use of conservatorship, guardianship, or power of attorney.
The Center lists the following warning signs and symptoms of exploitation and other forms of financial abuse:
Sudden changes in bank account or banking practice, including an unexplained withdrawal of large sums of money by a person accompanying the elder;
The inclusion of additional names on an elder’s bank signature card;
Unauthorized withdrawal of the elder’s funds using the elder’s ATM card;
Abrupt changes in a will or other financial documents;
Unexplained disappearance of fund or valuable possessions;
Substandard care being provided or bills unpaid despite the availability of adequate financial resources;
Discovery of an elder’s signature being forged for financial transactions or for the titles of his/her possessions;
Sudden appearance of previously uninvolved relatives claiming their rights to an elder’s affairs and possessions;
The provision of services that are not necessary; and
An elder’s report of financial exploitation.
Posted on March 23, 2012, in Administration on Aging, Elder Abuse, Exploitation, Fraud, Law and tagged Administration on Aging, AoA, Elder Abuse, Exploitation, Financial Abuse, Financial Abuse of Elderly, financial exploitation, forgery, Fraud, Law, Power of Attorney, Signs of Elder Abuse, Undue Influence, Warning Signs. Bookmark the permalink. 1 Comment.