Elder financial abuse is the illegal or unauthorized use of an elderly person’s funds or property. It can include theft, fraud, scams, or other forms of financial exploitation. It can be committed by family members, caregivers, or strangers.

Elderly individuals who are isolated, have cognitive impairments, or depend on others for care are at a higher risk for financial abuse. However, anyone can be a victim of financial abuse regardless of age or cognitive function.

Signs of financial abuse can include sudden changes in bank accounts or financial documents, unexplained withdrawals or transfers of funds, and missing personal property. Victims may also show signs of anxiety, depression, or fear around certain individuals.

There are several ways to prevent elder financial abuse. Keep in touch with elderly loved ones and stay informed about their financial affairs. Be cautious of unsolicited offers or requests for personal information. Set up direct deposit and automatic bill payment to reduce the need for writing checks. Finally, report suspected abuse to law enforcement or adult protective services.

If you suspect someone is a victim of elder financial abuse, report it immediately to law enforcement or adult protective services. Do not confront the abuser directly, as this can lead to further harm. Encourage the victim to seek support and resources from trusted individuals or organizations.