Protecting Seniors from Financial Abuse

 In broad terms, Senior Financial Abuse can be defined as the illegal or improper use of property or assets of anyone over the age of 60. 

 Some examples of this type of abuse can include identity theft, credit card fraud, abuse of Power of Attorney, deed theft, or using influence to receive cash or assets.  While we usually think of strangers committing this sort of abuse, it can also come from friends or family members.  Seniors are frequent targets primarily due to their lack of awareness of scams, or because they become more withdrawn and depend on another person that they see as trustworthy.  It's the latter reason that results in abuse stemming from family or other acquaintances.  This sort of abuse typically goes unreported owing to fear of the perpetrator, or due to embarrassment that they were taken advantage of.

How can you tell if someone you know is being financially abused?  The following are common warning signs to look for:
- Changes in typical spending habits.  Do you see account balances declining suddenly?
- Transferring assets to 'help a friend'.
- Checks made out to 'Cash', strange payments, or unfamiliar signatures.
- Large or unexplained withdrawals or transfers.
- Bills suddenly stacking up and not being paid.
- Unable to produce statements from financial institutes.
- A friend or family member that tries to isolate a senior from others. 

 Since financial abuse often correlates to isolation, it's important to make sure that regular social interaction with varying acquaintances occur on a regular basis.  Also, offer to accompany a senior to visit any professional advisers to make certain they understand any advice or changes that are planned. If you suspect financial abuse, but don't know what to do, visit the National Adult Protective Services Agency website.  This site can direct you to local agencies throughout the US that can assist you in finding the help you need.

Bringing useful news to educate our clients is one more way that Home Helpers has been making life easier for over a decade.  Call us today at 704-909-7958.  And as always, you can find us on our website,  Facebook and Google+!