Avoiding elder financial abuse: 3 Warning Signs

Avoiding elder financial abuse: 3 Warning Signs

Elder Financial Abuse – Warning Signs and What to Do

If you suspect your loved one of being a victim of elder financial abuse, there are some warning signs to look for. These include uncharacteristic activity in their bank account and attempts to wire large sums of money. You may also notice an unusual increase in their monthly income. Read on to learn more about these signs and what to do if you suspect your loved one is a victim of elder financial abuse. While some victims of financial abuse may not be aware of it, they are victims of this crime.

Unusual activity in a person’s bank account

An unsettling red flag of elder financial abuse is unexplained activity in an elderly person’s bank account. It can be anything from large withdrawals to unpaid bills or even credit card charges that don’t make sense. If you suspect that your elderly relative is undergoing financial abuse, you should check his/her bank account regularly for any unusual activity. If you notice that any activity has started, it’s time to contact the elder’s bank and put an end to it.

The Comptroller of the Currency made an emphatic statement about elder financial abuse. He stated that banks play a vital role in detecting financial fraud and protecting older customers from losses. To help combat this problem, the National Center on Elder Abuse and the U.S. Administration on Aging have released reports detailing the signs of elder financial abuse and how banks can help protect elderly customers.

Financial fraud against elderly people has many effects. Most elderly victims are not comfortable reporting financial exploitation because they fear their children will find out. This makes them an attractive target for criminals. And many elderly victims are unaware of the true value of their assets. Even if the elderly victim is aware of the crimes, he might not report them. In addition to stealing, the thief might even transfer the compensation to his/her own account.

Financial abuse of the elderly is not uncommon. Many older people rely on their investments to support their daily living. But their financial circumstances can quickly become dire. It can even prevent them from receiving the care they need. Not only does the victim feel betrayed, he/she may have a hard time recovering from the financial damage it caused. If you suspect that your elderly loved one is suffering from financial abuse, you need to be alert and vigilant.

While the elderly person cannot always protect their self, it’s best to talk with the family member or friend who’s handling their finances. It’s a good idea to create a system where you can monitor the aging person’s finances. While this may seem like an obvious warning sign, it’s also a good idea to get a copy of their credit report and bank statements. If you see a case of elder financial abuse by a family member, it may require professional assistance.

Uncharacteristic attempts to wire large sums of money

Financial abuse can take place when a vulnerable elderly person is lured into sending money to a third party. Elderly people who are unable to understand the financial services of a bank may become money mules. These schemes may be disguised as “friendly” financial advice, but they are actually a way for criminals to get access to money. Elders may be asked to wire large sums of money to third parties to avoid paying fees or penalties for premature account closing or mismanagement. Plus, there are many scams, such as the “grand parent scam” that tricks the elderly out of thousands of dollars.

Financial abuse can rob older adults of their resources and impact their quality of life. As America’s population ages, the incidence of financial abuse of elders will likely increase. The Stanford Center on Longevity estimates that older Americans lose nearly $36.5 billion annually from this type of abuse. Elder financial abuse can happen to a wide variety of reasons, from recent loss of a spouse to cognitive decline.

How to prevent elder financial abuseHow to prevent elder financial abuse

Financial institutions can help prevent elder financial abuse by being aware of the warning signs and reporting suspicious activity to the appropriate authorities. By promptly reporting suspected financial abuse, they can prevent financial losses and provide appropriate intervention. But some institutions are hesitant to use these resources because they are concerned about privacy laws and aren’t sure how to proceed. Many articles have been written that explored federal privacy laws and regulatory guidance for financial institutions and outlined sound practices that can be used to prevent elder financial abuse.

In addition to financial abuse, older Americans can be victims of fraud and scams. With the increase in technology, it is difficult for elderly people to recognize who is trustworthy. Therefore, it is important to safeguard personal information and keep an eye out for warning signs of elderly financial abuse. This will help ensure the protection of older American individuals. If you suspect an elder is experiencing any of these problems, get in touch with a professional to discuss your concerns as soon as you become aware of it.

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