How to Identify and Report Elder Financial Abuse
Elder financial abuse is a growing concern across the country. As older adults become increasingly dependent on others for daily living and financial management, they are more vulnerable to exploitation. In many cases, this abuse goes unrecognized or unreported until significant damage has been done—both emotionally and financially.
Understanding how to recognize the signs of financial abuse and knowing how to report elder financial abuse is crucial for family members, caregivers, and community members. If you suspect someone is a victim, taking action can prevent further harm and help the individual recover their financial security.
What Is Elder Financial Abuse?
Elder financial abuse refers to the illegal or improper use of a person’s money, property, or resources. This form of exploitation can occur in various settings, including at home, in a long-term care facility, or through scams and fraud. Victims may suffer quietly, especially when the abuser is a trusted family member, caregiver, or financial caregiver.
Common forms of financial exploitation include:
- Unauthorized withdrawals from bank accounts
- Forged checks or signatures
- Coerced or fraudulent property transfers
- Misuse of a power of attorney
- Identity theft or financial scams targeting the elderly
Warning Signs of Financial Abuse
Recognizing elder abuse—especially financial abuse—requires close attention to changes in a person’s behavior, finances, and relationships. Some signs of potential abuse or exploitation include:
- Sudden changes in financial accounts or spending patterns
- Unpaid bills or eviction notices despite adequate resources
- Missing belongings or cash
- Isolation from friends, family, or community
- An older adult expressing confusion about recent financial decisions
- Suspicious behavior by a caregiver or family member
Any of these warning signs may indicate financial abuse, neglect, or exploitation. If you observe one or more, it’s important to act quickly.
Who Is at Risk?
Older adults who are isolated, physically frail, or living with cognitive impairments are especially vulnerable. Those who rely on others for financial assistance or personal care face a heightened risk of exploitation. Victims often include:
- Elderly individuals in long-term care facilities
- Seniors without immediate family nearby
- Vulnerable adults with disabilities
- Older adults unfamiliar with digital banking or financial systems
Because many victims trust their abusers, they may not report abuse due to fear, shame, or confusion. This makes it even more important for others to recognize signs of elder financial abuse and step in when necessary.
How to Report Elder Financial Abuse
If you suspect elder financial abuse, several resources and agencies can help. Reporting the abuse not only helps protect the individual but also prevents further exploitation of others.
1. Adult Protective Services (APS)
APS investigates reports of elder abuse, including financial exploitation. These services are confidential, and reports can often be made anonymously. APS works with law enforcement, financial institutions, and community services to support victims.
2. Law Enforcement Agencies
In cases involving theft, fraud, or physical abuse, contact local law enforcement. Police can investigate and, if necessary, pursue criminal charges against the perpetrator.
3. Financial Institutions
Banks and credit unions play a critical role in spotting and reporting abuse. If you notice unauthorized transactions, speak with a bank officer or fraud department. Many financial institutions have internal policies to protect older customers from financial abuse.
4. Legal Professionals and Advocacy Organizations
A law firm that handles elder law or abuse cases can help protect a victim’s rights, recover stolen assets, and pursue legal action if necessary. Organizations like the National Council on Aging and the National Center on Elder Abuse offer education, referrals, and assistance.
Steps to Take if You Suspect Abuse
- Document Everything – Keep detailed records of financial statements, suspicious activity, and conversations.
- Speak with the Elderly Person – If possible, discuss your concerns in a safe and non-accusatory way.
- Report Suspected Abuse – Contact adult protective services or local authorities.
- Involve Other Resources – Reach out to community services, legal professionals, and support programs for guidance.
- Follow Up – Ensure that the victim receives ongoing assistance, whether through social services, legal action, or medical care.
Community and Family Involvement
Family members and caregivers are often in the best position to notice when something isn’t right. However, they can also be the perpetrators of financial abuse. That’s why transparency, regular communication, and involvement from multiple trusted sources are essential.
Local community services, disability services, and social workers can also help provide oversight and ensure the elderly person receives proper care and support.
Learn more about how to identify and report elder financial abuse. Call Greenstein & Pittari, LLP at (800) 842-8462 to schedule your free, no-obligation consultation. You can also reach us anytime through our contact page. Let us help you take the first step toward protection and recovery.
FAQs: Elder Financial Abuse and Reporting
What is considered financial exploitation of an elderly person?
It includes any illegal or improper use of a senior’s money, property, or assets—such as unauthorized withdrawals, forgery, scams, or coerced property transfers.
How can I report elder financial abuse anonymously?
You can contact Adult Protective Services in your state. Many allow anonymous reports and will keep your identity confidential.
Are family members often involved in elder financial abuse?
Yes. Unfortunately, family members, caregivers, or financial caregivers are frequently responsible for financial abuse. These cases can be complex and emotionally challenging.
Can financial institutions help stop elder financial abuse?
Yes. Banks and credit unions are trained to detect suspicious activity and can report abuse to the appropriate authorities or halt questionable transactions.
What legal options are available to recover stolen funds?
An experienced law firm can help investigate the abuse, work with financial institutions, and take legal action to recover stolen assets and hold the abuser accountable.