Elder financial abuse can have a devastating effect on it’s victims as well as the victim’s family. The typical guilty parties are relatives, close friends or caretakers who were entrusted with the victim’s care and finances. Financial abuse may consist of an unauthorized use or access to the victim’s bank accounts or stealing and cashing the victim’s disability or Social Security checks without their knowledge or permission.
Even if you entrust the handling of your loved one’s financial matters to someone you consider the most trustworthy, you still should keep a close eye out for anything that seems inappropriate. Some of possible elderly financial abuse include:
- Sudden large withdrawals from bank accounts
- Low balances in accounts that usually contain plenty of funds
- Missing items of significant monetary value
- Addition of another person’s name on the person’s account
- Check signatures that do not resemble the account holder’s signature
- Unusual large number of checks written out to “Cash”
Having your loved one’s disability, Social Security or any other income checks direct deposited will ensure those monies don’t end up in the wrong hands. Report any suspected financial abuse to the police or a trusted family member or social worker.
