Do You Know Anyone in This Situation?
Financial Abuse in the Elderly
Abuse can happen to anyone, no matter the person’s age, sex, race, religion, or ethnic background. However, the elderly are more susceptible and often targeted, especially online. Each year, hundreds of thousands of adults over the age of 60 are financially exploited.
Abuse can happen anywhere, including in the older person’s home, a family member’s home, an assisted living facility, or a nursing home. Sadly, family members are the most likely people to financially exploit an elder. Occasionally, law guardians trusted to look out for an elder may take advantage of persons in their care.
Financial abuse happens when money or belongings are misused or stolen from an older adult. It can include forging checks, taking someone else’s retirement or Social Security benefits, withholding access to money or financial information, or using a person’s credit cards and bank accounts without their permission. It also includes changing names on a will, bank account, life insurance policy, or title to a house without permission.
Warning Signs of Financial Abuse
- Unpaid bills which the elder should have the means to pay.
- Purchasing or spending behavior that appears to be out-of-character.
- New “best friends” (people who have recently become close to the elder) who are not promoting the elder’s best interests or are claiming a right to funds.
- Fraudulent signatures on documents, sudden changes in an elder’s will, trust, insurance or other financial documents.
- Abrupt or unexplained transfers of assets.
- Confusion about recent financial arrangements or changes.
Scams
Financial scams come in many forms, but there are certain types that zero in on older adults. If you have loved ones that may be susceptible, have a discussion about possible abuse, bullying and scams as described below.
Imposter scams – An imposter scam is any type of scam where a fraudster attempts to trick you by pretending to be someone else—like a government agent, bank representative, or trusted business. They may even pretend to be someone you know personally. Imposter scams lean on some main methods of trickery:
- Authority: With this technique, scammers take advantage of the fact that people are not likely to question authority figures, and/or they fear the “scary” consequences threatened by the scammer. For example, scammers may pretend to be:
- Your electric or gas company claiming they’ll cut off your services unless you pay what you owe them.
- The IRS, Social Security Administration, or other government organization telling you that you owe taxes and/or fees and threatening criminal charges.
- Your “Medicare Provider” asking you to confirm your social security or Medicare number.
- Your bank telling you there’s a problem with your account and requesting money transfers or account details.
- What appears to be a message from the post office or UPS telling you they need your address and more information for a delivery.
- A popup from Microsoft on your computer claims your system has been affected by a virus.
- Familiarity: Actors pretend to be a loved one and try to persuade you to give them sensitive personal information or send them money through a digital payment platform, by wire, or via check. The scammer may, for instance:
- Claim to be (or be with) your grandchild or other close family member, saying they’re in serious trouble and need emergency financial help (e.g., bail money or money for medical bills). This is called the “grandparent scam” and sometimes uses AI-generated voice and data to seem authentic.
- The Romance Scam: Someone pretends to be romantically interested in you and suddenly starts asking you for money or bank account details after gaining your trust and affection. This is also known as a sweetheart scam. After developing a relationship with their target, scammers (who often pretend to be high ranking military men, physicians, engineers, even oil riggers working overseas), suddenly need funds to get home or help a sick loved one.
Tips to Help Avoid Scams – Share these as appropriate
- Set phone to send all unknown callers to voicemail – most scammers won’t bother leaving a message.
- Set instant messages to known and “unknown.”
- Review email filters; separate to primary, social, offers, etc.
- Get the best anti-virus and malware programs you can afford.
- Never respond to an email, computer popup or text using the included link or phone number – always go directly to the website or phone number.
- Never give your credit card or bank account details to anyone.
- In case of doubt, always say, I’ll call you back – “What number can you be reached at?”
