Financial Exploitation of the Elderly – What Does It Mean For Your Family?

Elderly Care Modesto CA – Financial Exploitation of the Elderly – What Does It Mean For Your Family?

Financial exploitation is a situation where someone takes or incorrectly uses money for their own gain. It’s a problem that elderly men and women face each year. The money may be taken through scams, phishing, or unscrupulous financial advisers, insurance agents, contractors, or family members.

In a 2017 study, the American Journal of Public Health reported an average of 5 percent of America’s senior citizens were the victims of financial exploitation. Scams from a third-party and theft from a family member are common forms of financial exploitation.

Some Examples of Financial Exploitation

Every month, seniors fall for the Grandparent Scam. In this scam, a person posing as a lawyer, police officer, doctor, or grandchild calls or emails and says the grandchild is in trouble. It might be a story where the grandchild was arrested for DUI or was in a crash and is in the hospital. In each scenario, the grandparent is told to wire money immediately.

Lotteries are another form. A senior gets a postcard or email saying they’ve won a lottery. All they have to do to collect is send a check to cover the taxes. There really is no lottery prize. The scammer walks away with the money they’ve received.

Identity theft is another issue. All it takes is someone to hack into a site and steal financial information like Social Security numbers and dates of birth. Illegal skimmers attached to banking machines are another way for scammers to get banking information. With that information, scammers can pose as a senior and make illegal purchases or open new accounts.

Sometimes It’s Closer Than That

You never want to think the worst of a close family member, but it does happen. A senior needs help managing his or her finances. Someone needs to help pay bills and manage monthly income. The senior chooses his or her eldest child.

Now that that person has permissions to fill out and sign checks, use a debit card, and access accounts and that bank, money starts disappearing. The person has been taking out cash and pocketing it.

You can keep that from happening by having multiple people monitoring finances. Whoever is named as financial power of attorney must show spending and income reports during a family meeting. Family members should ask to see accounts on a computer and not just a printout that could be forged.

Hiring an elderly care provider from an agency is a good way to prevent financial exploitation. Elderly care providers can monitor activities and report back to all siblings, family friends, or family members on a contact list. If there are problems with notices of unpaid bills, the caregiver can bring it to everyone’s attention. Multiple eyes watching will keep fraud away.

Learn more about elderly care services and how they help your parents stay safe. All it takes is one call to our elderly care agency to get started.

Sources:  https://www.ncbi.nlm.nih.gov/pubmed/28640686

If you or an aging loved-one are considering hiring Elderly Care Services in Modesto CA, please contact the caring staff at Valley Home Care.  Call (800) 604-5180.