Preventing Elder Financial Exploitation

Elder financial exploitation is a very real and growing threat.  It is defined as the illegal, unauthorized, or improper use of an older person’s funds, property, or assets.  It’s a crime that can deprive older adults of their resources and independence. On average, victims of exploitation lose about $30,000. Perpetrators can be family members, friends, neighbors, caregivers, health care providers, business associates, or strangers. Read more about financial exploitation here, and the many warning signs to look for.  

Warning Signs include: 

• Unusual activity in a person’s bank accounts, including large, frequent or unexplained withdrawals
• New joint account suddenly opened up
• Checks written as “loans” or “gifts” to someone the family doesn’t know.
• New “best friends” wanting to accompany an older person to the bank
• A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation. 

Our staff members are also trained to spot the signs of financial exploitation. We are always working to keep our members financially secure.