Elderly Financial Abuses You Should Be Aware Of!

Category: Banking & Finance 10 0
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Unfortunately, stories regarding elderly abuse and how an elderly person was treated badly or thrown out of their hardly earned property or scammed out of their own saving; have become very common nowadays. Due to their old age, it’s is easier to stole their money out of their bank accounts. Seniors are often seen to becoming the victim of financial scams and exploitation, most of the times by their own family. However, taking care of the warning signs as well the criteria of fighting against such scams is the foremost step to make sure that elder citizens do not become the victims of financial abuse.

Financial Exploitation

Financial abuse is just another type of abuses like verbal or physical abuse. This happens when an elderly becomes the target of a scammer with the intent of stealing the respective senior’s property or gaining access to the senior’s money.

  • Convincing or brain-washing an elder person to grant to the power of attorney of their finances & savings, then using this power to sign checks or making ATM withdrawals in their name.
  • Contacting elders online or via phone to solicit donations for a fraud charity or bogus cause
  • Stealing access to a debit card or credit card

How to spot elderly financial abuse?

There are certain warning signs that other family members can keep a check upon. Some of them are banking statements having unusual transactions, bills going unpaid, purchasing luxurious gifts or exchanging large sums of money.

Sometimes, strangers are not the ones who have hawk’s eyes on elderly’s finances. In most of the cases, it is their own family or children who feel like being compensated for taking care of elderly. They think that it is their right on parent’s money. Finding themselves tempted towards elderly’s money, they try to manipulate situation in their favour and swindle elderly of their own finances. In the past, we have seem many instances where homely abuse regarding finances go unnoticed because parents don’t find any good in prosecuting their own children.

Getting help from concerned lawyers

Elder lawyers are trained to work in favour of seniors and protect them against financial abuse. By senior’s help, they can obtain the power of attorney. It lists two different people that means more than one person has access to finances and accounts, and this reduces the chances of theft. Senior lawyers are also specialized in helping elders against a scammer who has stolen finances from seniors in the name of collecting funds or donations.

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