Has financial elder abuse taken place?
Elderly financial exploitation (EFE) occurs when someone in a position of trust knowingly influences, deceives, coerces, frauds, or extorts control over an elderly individual. To figure out if elderly financial exploitation has occurred, Iowa Legal Aid suggests answering the following questions.
1. Does the exploiter have a position of confidence or trust over the individual?
This person could be a caregiver, family member, or someone who has a confidential relationship with the individual as a guardian or conservator.
2. Is the individual a vulnerable elder?
In the case of EFE, elderly individuals are considered those 60 years or older. They may be considered vulnerable due to age or mental/physical condition. One or more of these factors leads to the individual being unable to care for himself or herself.
3. Has there been exploitation?
Financial exploitation can come in many forms including undue influence, deception, coercion, fraud, or extortion. To be considered financial exploitation, one or more of these must have taken place.
4. Did the exploiter take finances?
Finances can come in more forms than cash. An exploiter may gain access to benefits, property, resources, belongings, or assets. If one of these was taken, and each of the previous points have been met, then this should be reported as EFE.
Ways criminals target the elderly
Someone committing financial elder abuse can do so in a variety of ways. The criminal may take money meant to cover care costs for himself, make unauthorized debit card transactions, or forge checks. Another common tactic is for the person appointed as the agent of the power of attorney to commit fraud by changing the name on the deed of a house, selling stock, or withdrawing money from an account for his own gain.
Stay vigilant
With the plentiful avenues for fraud, it is important to stay vigilant. If you are a member of the vulnerable elder demographic, start by establishing someone you trust as a financial caregiver. Other helpful habits include reviewing your credit report regularly, paying with card instead of cash, and keeping your checkbook, account statements, and other sensitive information in a safe place.
How should you report EFE?
If you or someone you know has fallen victim to elderly financial exploitation, contact your local law enforcement or branch of the National Adult Protective Services Association. You may also file a report with the FBI.
