Signs of Financial Abuse:
Signs of financial abuse can vary based on the condition of the victim and their relationship with the perpetrator, but here are some signs to watch out for:
- Unpaid bills, especially when the individual should be able to afford them. These bills often go unpaid because the perpetrator is siphoning money from the victim's account, leaving insufficient funds for expenses.
- Missing money, valuables or checks
- Unexplained changes in legal documents, like wills and power of attorney forms
- Extravagant gifts for a new friend, partner or acquaintance who is unfamiliar to the rest of the family
- Increased social isolation—many culprits try to alienate victims from family and friends so as to not get caught by concerned parties
- Sudden nervousness or silence from your loved one when asked about their finances
- Unfamiliar signatures on your loved one’s documents
Who's at Risk?
Research indicates that those with decreased cognitive functioning, including those with dementia or an intellectual/developmental disability, are more susceptible to financial exploitation. However, it can happen to anyone, regardless of cognitive health. Many culprits prey on people who aren’t technologically savvy, or those who speak English as a second language. Some are even related to or in an intimate relationship their victim, and use fond feelings as a method of gaining trust and control. Victims often remain unaware of the exploitation, underscoring the importance of recognizing signs.
How to Assist a Victimized Loved One:
Laws on reporting financial exploitation vary by state. If there's suspicion of exploitation, national resources and the Department of Justice's dedicated website offer information and support. The Resource Roadmap helps locate the appropriate reporting agency if financial exploitation is suspected. Recognizing the signs is crucial as financial exploitation, like other abuses, tends to worsen over time. If the culprit is in a position of power over the victim, such as their caregiver, guardian or power of attorney, it is also important to take the appropriate steps to remove that person from their position before more harm is done.
Sadly, one of the most prevalent forms of financial abuse is perpetrated by trusted family members or new romantic partners (known as romance scams). In these cases, a loved one may be reluctant to recognize they are being scammed, or even angry that someone they care about is being accused. These cases are delicate and require sensitivity. Start by expressing genuine concern for your loved one’s well-being rather than directly accusing the partner or family member. Encourage open communication, creating a safe space for your loved one to share their feelings and concerns while also emphasizing that your intention is to protect them. If they remain unwilling to listen, consider involving other trusted individuals, such as close friends, family members or professionals like social workers or counselors. In extreme cases where there is immediate danger, contacting local authorities or adult protective services may be necessary, prioritizing the older adult's safety and well-being.