Financial exploitation of the elderly is the illegal or improper use of an older person’s funds, property, or assets. It can include fraud, scams, theft, or misuse of power of attorney.

Seniors may be more vulnerable to financial exploitation due to factors such as cognitive decline, isolation, and trusting personalities. They may also have accumulated savings or assets that make them attractive targets for fraudsters.

Signs of financial exploitation of the elderly can include sudden changes in bank account balances, unexplained withdrawals or transfers, unpaid bills or overdue rent, and unusual purchases or gifts. Seniors may also become isolated or anxious about their finances.

If you suspect financial exploitation of the elderly, report it to the appropriate authorities such as Adult Protective Services, local law enforcement, or the state attorney general’s office. You can also contact a trusted financial advisor or attorney for guidance.

To prevent financial exploitation of the elderly, it’s important to stay informed and aware of common scams and fraud tactics. Seniors should also have trusted friends or family members who can help monitor their finances and make decisions on their behalf if necessary. It’s also a good idea to set up safeguards such as automatic bill payments and alerts for unusual account activity.