Financial Abuse of the Elderly
Financial crimes against the elderly generally fall under two categories: fraud committed by strangers, and financial exploitation by relatives and caregivers. This blog will concentrate on financial elder abuse by relatives and caregivers.
Unlike strangers, relatives and caregivers often have a position of trust and an ongoing relationship with the elderly. Financial exploitation can be as follows:
1. borrowing money and not paying it back;
2. denying services or medical care to conserve funds;
3. giving away or selling the elder's possessions without permission;
4. signing or cashing pension or social security checks without permission;
5. misusing ATM or credit cards, or using them without permission;
6. giving away the elder's money to family or friends;
The financial abuser will use deceit, intimidation, emotional abuse, or promises of care.
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