Key factors that increase the risk of elder financial exploitation
Loneliness- Lonely adults can be receptive to the overtures of a financial
predator because they like the company and need the help
Isolation - fewer friends and family around to notice a suspicious situation
or person and intervene
Poor Physical Health - a dependency on others is increased and this
dependency can create an opportunity for exploitation
Cognitive Impairment- First sign of cognitive decline is difficulty managing
finances . The ability to judge if someone is financially exploiting them is
compromised.
Signs of elder financial exploitation
• Checks written to “cash”
• Unexplained disappearance of cash and valuable objects
• Unexplained withdrawals
• Unpaid bills
• Giving away money or spending money on unnecessary purchases
• Oversight of finances turned over to someone without consent
• Termination of utilities
• New “friends” or “helpers” unknown to the family
How to protect an elderly parent from financial exploitation
• Simplify their finances. Create automatic payment to billers through their
bank
• Get rid of credit cards
• Closely monitor check book
• Put a limit on ATM withdrawals and point of sale purchases
• Allow a trusted individual to have access to your financial activity
• Know WHO is “helping” your parent and pay them directly, do
not allow money exchange between your parent and the
“helper”
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