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Spot the Red Flags of Elder Financial Abuse
Unusual transactions and new friends could be signs an older loved one is being exploited
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3 Ways Older Adults May Be at Risk of Financial Abuse In the wake of the , many older adults are more than ever — and thus more vulnerable to being .
Flowers & Gifts 25% off sitewide and 30% off select items See more Flowers & Gifts offers > Elder financial exploitation extends far beyond random con artists bombarding older adults with and . According to the National Adult Protective Services Association, the “vast majority” of cases reported to its member agencies involve people the victim knows, including , , neighbors and friends. Financial exploitation can range from stealing someone’s Social Security check to forging financial documents to misappropriating cash, jewelry and other assets.
Flowers & Gifts 25% off sitewide and 30% off select items See more Flowers & Gifts offers > Elder financial exploitation extends far beyond random con artists bombarding older adults with and . According to the National Adult Protective Services Association, the “vast majority” of cases reported to its member agencies involve people the victim knows, including , , neighbors and friends. Financial exploitation can range from stealing someone’s Social Security check to forging financial documents to misappropriating cash, jewelry and other assets.
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Such financial fraud costs older adults at least $36.5 billion annually, the National Council on Aging estimates. Here are telltale signs and circumstances that can help you spot elder financial abuse — and possibly to you or someone you love.
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Unusual financial activity
A major red flag of potential financial abuse is “unexplained activity in an older person’s accounts,” says Stephanie Genkin, a certified financial planner in New York. Inquire about large withdrawals and unpaid bills and make sure there are no questionable credit card charges. Stop any bank transfers or recurring transactions the account holder does not recall making.
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It’s not uncommon for older individuals to forget things from time to time, but major financial dealings they have no memory of requesting or authorizing, or that they have difficulty explaining, should set off alarm bells. Genkin suggests periodically reviewing an aging loved one’s bank and credit card statements with them to help guard against fraud.
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If possible, create a transparent system that allows both of you to and perform basic record-keeping, and keep the lines of communication over money matters open.
New friends or helpers
Individuals who live alone are particularly susceptible to financial exploitation. Wrongdoers can more readily hide their misdeeds if no one else is around.
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AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. , from simple bill paying to buying groceries, but their financial details should be closely guarded and only provided when necessary to known, trusted individuals.
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Mobility or frailty issues
Even those without cognitive impairments may be susceptible to financial abuse if they have physical disabilities or other issues that prevent them from driving or otherwise getting around. AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. who can’t go to the bank on their own, or who aren’t good with computers, may not have the physical ability or the know-how to do remote banking.
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They may have to rely on another person to handle routine transactions, such as deposits, withdrawals or transfers. Genkin says she recently recommended to a client in his 80s and his relatives that they set up automatic bill pay for the client’s cellphone, interest service and utilities.
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People with mental or physical impairments “shouldn’t be left to figure out how to pay their own bills,” she says. She also highlights another consideration for caregivers: the role of outsiders in an older person’s home.
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“The pandemic has taken a toll on a lot of people,” Genkin notes. Many Gen Xers and younger boomers who checked in frequently with parents or grandparents before COVID may now be paying for or arranging various services for those aging relatives. “Now there are all these helpers around: preparing meals, tidying up the house, getting prescriptions or running errands, and some of them want to be paid in cash,” Genkin says.
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If you or someone you know is being financially exploited, tell someone you trust, to Adult Protective Services in your state and notify your local police department for help. You can also contact the U.S.
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Justice Department’s National Elder Fraud Hotline at 833-372-8311. Lynnette Khalfani-Cox is a personal finance expert, speaker and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
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More on money AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. AARP VALUE & MEMBER BENEFITS See more Health & Wellness offers > See more Flights & Vacation Packages offers > See more Finances offers > See more Health & Wellness offers > SAVE MONEY WITH THESE LIMITED-TIME OFFERS
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