Financial Exploitation of Seniors
Posted on June 30, 2014 by bob in In Every Life
Families often visit out of town relatives during summer months, and when you do, it’s important to observe changes in personalities and abilities as compared to a prior visit.
Noticing any of these changes may be a subtle sign of increasing risk for elder abuse in the form of financial exploitation. As noted in last month’s piece, June 16 was Elder Abuse Awareness Day.
Physical or psychological abuse or neglect may be more commonly considered as abuse of older adults. 
However, financial exploitation has been recognized as a growing concern. Scams by a stranger or familiar person can involve telemarketing, promise of lottery or sweepstakes wins, soliciting funds for good causes, home repair, investments, internet, identity theft, or medicare abuse.
Additionally, older adults can trust friends, family members or other service providers who then exploit vulnerable individuals by misusing a Power of Attorney, a joint bank account, ATM card; refusing to provide needed care or medication; threatening abandonment or physical harm; paying their own bills with the vulnerable individual’s assets, or charging for care.
The individual may become increasingly vulnerable, resulting in feelings of fear, shame, depression, decreased trust in others, and inability to provide for own needs. Careful observation and frequent interactions with your family members can assist in early identification of concerns.
Has someone you know voiced concerns about a person who has provided a service? Have there been changes in activities or social interactions, perhaps with increasing isolation or dependence on another person? Have bills gone unpaid? Are there physical concerns that could have occurred from not having money for medications or adequate nutrition?
Ask more questions. Accompany the person to obtain records of transactions from financial institutions. Report any suspicions to the Alabama Adult Protective Service. Federal laws, including the Elder Justice Act, and increasingly stringent state laws apply.
Prevention and early detection can help avoid more severe physical and mental consequences. Maintaining autonomy to make their own choices, dignity, and the most independent functioning possible, can only be achieved by careful attention to subtle changes.
Arlene H. Morris, EdD, RN, CNE is Professor of Nursing, Auburn Montgomery School of Nursing. Reach her at amorris@aum.edu.
Resources:
National Adult Protective Services Association: www.napsa-now.org/
National Committee for the Prevention of Elder Abuse: www.preventelderabuse.org/
Detecting elder financial abuse: www.investorprotection.org
Securities & Exchange Commission securities fraud: www.sec.gov
Postal Inspection Service (fraud using U.S. Mail): www.usps.gov/inspect
Interactive games about spyware, lottery scams: www.Onguardonline.gov
