Senior Financial Abuse: What to Do If a Family Member Is Taking Advantage of Your Loved One



You may have heard of physical and emotional abuse against older adults, but there’s another way to harm them that’s equally as devastatingβ€”and equally as prevalent. It’s called senior financial abuse. According to one study, one in five Americans over 65 has been the victim of fraud.[1. β€œElder Investment Fraud and Financial Exploitation,” June 15, 2010, https://www.investorprotection.org/downloads/EIFFE_Survey_Report.pdf] It is believed that financial abuse costs seniors at least $2.9 billion everyΒ year. And while it’s bad enough that this exploitation occurs at all, what’s harder to swallow is that, sometimes, it is perpetuated by those the victim trusts most.

Why It’s So Easy for Family Members to Commit Senior Financial Abuse

When we think of people hurting older adults financially, we tend to believe the danger comes from β€œoutside,” like muggers or scam artists.[2. β€œFraud Target: Senior Citizens,” https://www.fbi.gov/scams-safety/fraud/seniors] And although this is often true, the real scam artist is just as likely to share the victim’s home, last name, or just a special bond. This is because it’s easier family members or β€œfriends” to gain the victim’s trust and play on their sympathies. Many times, they’re physically around the victim (living with them, caringβ€”or pretending to careβ€”for them), which increases their opportunities to commit financial crimes. Other times, they use the emotional connection they have with the victim to take advantage of them.

Types of Financial Abuse by Family Members

The following are examples of abuse you may see older adults suffer at the hands of family members:

  • Running up household bills that are far larger than the victim’s needs
  • Manipulating the victim into buying things
  • Constantly asking for cash
  • Asking for loans that are never repaid
  • Stealing cash, checkbooks, credit cards, jewelry, and other valuables (which can appear to just go β€œmissing”)
  • Opening credit accounts or applying for loans in the victim’s name
  • Forging the victim’s signature
  • Getting the victim to sign important documents, such as a deed, will, or financial power of attorney through suspicious means
  • Intercepting the victim’s entitlement checks (those related to their pension, Social Security, etc.)

What to Do if You Suspect Senior Financial Abuse

Many older adults are reluctant to admit to or report financial abuse by those close to them. There are many reasons for this, including the fact that they may love the perpetrator, feel guilt or obligation towards them, or are just ashamed the abuse happened in the first place. They may also be dependent upon the perpetrator for basic needs, such as home care or medical services.
However, it is crucial to stop financial abuse before it gets worse, and before the victim loses all their assets or control over them. If you suspect senior financial abuse, the first thing to do is to call your local police department. You can also contact the U.S. Department of Health and Human Services at 800-677-1116. They can steer you towards other organizations in your community that may be able to help.
You’ll also want to get the victim as far away from the alleged perpetrator as possible. Sometimes this means finding different housing accommodations for the victimΒ since they may live in their abuser’s home. Or it may mean changing the locks on the victim’s houseΒ if the abuser is staying with them.
It’s advisable for the victim to cut off verbal contact with the perpetrator as well, at least until the situation can be investigated and resolved. This is necessary because the latter may try to emotionally manipulate your loved one into letting the abuse continue.
Finally, revoke the abuser’s access to anything considered valuable to the victim. Close accounts, credit cards, and whatever else the victim shares jointly with the perpetrator. In addition, consider putting a fraud alert on these things, and notify any lenders that loans taken out in the victim’s name may be the result of fraud. Speak to an attorney about your next step, as it may involve criminal prosecution or a civil suit.
If you are unsure of how to best help an aging loved one, the trained and compassionate staff at the Institute on Aging is here to help you make that decision and gain the best in at-home care for older adults. Contact us to find out more.

Picture of Institute on Aging

Institute on Aging

Related Posts

Questions?

Give our dedicated Client Service Specialists a call. We are ready to help.

Follow Us

Happy Caregiver Appreciation Day from Institute on Aging! 🌟 Today, we honor the caregivers who devote their lives to bringing light and love into the lives of others. A huge thank you for your dedication and compassion. Let’s all take a moment to show our gratitude with a kind gesture towards a caregiver. They truly deserve it! πŸ’• #ThankACaregiver #InstituteOnAging #CaregiverLove
πŸš‹πŸŽ„Come sing some holiday cheer with Institute on Aging's Cable Car Caroling! Experience the magic of San Francisco this festive season as the jingle of cable car bells meets the melodies of classic holiday songs. 
🎢 Wrap up warm, tune up those singing voices, and join us in making the holidays special in a way only the City by the Bay knows how. 

Secure your spot now by visiting the link in our bio! 🎟️

 #CableCarCaroling #HolidayCheerOnWheels #IOAHolidayMagic
After a decade on the streets and battling chronic health issues, 62-year-old John found hope with Institute on Aging. Thanks to a IOA's Care Management assistance, he now enjoys a stable life with secure housing and is focused on his health and the future. 🏠✨ Your support helps us offer stability and hope to older adults like John.

Visit the link in our bio to help aging adults like John.

#Hope #Stability #SupportIOA
Today, Institute on Aging pauses to celebrate and honor our incredible clients and staff who are veterans. Your service, courage, and commitment to protecting our nation are deeply appreciated, and we are grateful to have such dedicated individuals as part of our community.

Thank you to each of you who served and sacrificed - you embody resilience every day. We’re proud to stand beside you and recognize the contributions you have made and continue to make. This Veterans Day, we salute you!

#VeteransDay #Veteran #Honor #HonorOurVeterans #VeteransPride #BraveandBold