5 Signs of Elder Abuse and Steps to Prevent It
Criminals target different sorts of people in different ways. Aging and elderly loved ones are often the target of scams, but sadly, it’s often people involved in their life taking advantage of them rather than a stranger on the phone or online. It can be challenging to navigate these delicate relationships, especially when you depend on others for your loved ones’ care. If you’re either worried about a loved one or just want to keep yourself informed, here are some red flags of elder financial exploitation to look out for.
Changes to a will
Regularly updating a will or other estate planning documents isn’t in and of itself a red flag, but making significant changes out of the blue, like adding or removing beneficiaries, is.
Changes in banking practices
Making frequent trips to financial institutions, writing more checks than usual, or making unusual withdrawals should all prick up your ears.
New close “friends”
If your loved one has a new friend or relative suddenly spending a significant amount of time with them or seemingly beginning to exert influence, you may want to keep a closer eye on both of them.
Adding someone as an authorized user on a credit card
While it might make sense for a close, trusted caretaker to have access to their funds specifically for their care, a surprise authorized user to an elder’s credit cards is definitely something to keep an eye out for. Check statements periodically to make sure the transactions make sense and there are no discrepancies.
Adding users to bank accounts
Similarly, new users to an elderly person’s bank accounts are a definite red flag. Check to see if there are new and/or unfamiliar names on account statements or other mail.
In addition to checking their credit report annually and freezing their credit when they aren’t looking to use it, there are a few other important steps you can take to prevent your loved one from being victimized.
Sign up for account alerts
Jeanne D’Arc’s online banking platform offers account alerts. You can set custom notifications for your loved one to get alerts on transfers, savings goals, budgets, and authentication when someone tries to log into their account.
Keep an eye out
One very important thing you can do is be involved. It’s much easier to notice changes in behavior and know the people in your loved one’s orbit if you’re involved in their day-to-day. Are they talking about people you don’t know? Do they seem secretive, agitated, or fearful? These changes are harder to hide if you’re able to see the senior in person.
Power of Attorney
If your loved one needs additional support to handle their own finances, it may help to gain power of attorney over their affairs. This will give you the legal ability to make financial decisions on their behalf.
Talk to branch staff
One wonderful benefit of being a member of a credit union is that you’re able to receive personal service. Jeanne D’Arc employees love getting to know our members, and this can be especially helpful when fraud is involved. Branch staff are trained to recognize a number of scam techniques and have the experience of seeing scam attempts happen in real time, so they may be able to spot something fishy happening that others would miss.
You might be very concerned about elder financial abuse, but you and your loved one are NOT helpless. Awareness of the problem is your first step, and taking some of these precautions can help to minimize risk. If you have other questions or concerns about fraud, our Financial Wellness team is here to support you. Our partner, GreenPath Financial Wellness, is also available to provide FREE one-on-one counseling services and financial information.