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Protect the Elderly from Financial Exploitation


Tips for Family and Friends:

What are the warning signs of financial abuse?

 

The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:

  • Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals.

  • ATM withdrawals by an older person who has never used a debit or ATM card.

  • Changing from a basic account to one that offers more complicated services the customer does not fully understand or need.

  • Withdrawals from bank accounts or transfers between accounts the customer cannot explain.

  • New “best friends” accompanying an older person to the bank.

  • Sudden non-sufficient fund activity or unpaid bills.

  • Closing CDs or accounts without regard to penalties.

  • Uncharacteristic attempts to wire large sums of money.

  • Suspicious signatures on checks, or outright forgery.

  • Confusion, fear or lack of awareness on the part of an older customer.

  • Refusal to make eye contact, shame or reluctance to talk about the problem.

  • Checks written as “loans” or “gifts.”

  • Bank statements that no longer go to the customer’s home.

  • New powers of attorney the older person does not understand.

  • A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.

  • Altered wills and trusts.

  • Loss of property.

Information is provided by American Bankers Association. For more information please visit:

https://www.aba.com/advocacy/community-programs/consumer-resources/protect-your-money/elderly-financial-abuse