Financial exploitation of the elderly includes the illegal use of the older individual’s financial resources for the benefit of someone who is not entitled to them. This type of elder abuse is not limited to stealing money and encompasses withholding information, benefits, resources, or even assets.
What Are Examples Of Financial Exploitation Of The Elderly?
While there are many examples of financial elder abuse, there are some standard methods used by those who actively seek to scam the elderly out of their funds.
Unscrupulous individuals may seek personal gain at the expense of elderly victims through methods including:
- Telemarketing scams
- Lottery scams
- Reverse mortgage and homeowner scams
- Phishing via email scams
- Imposters scams
Those who take opportunities to exploit the elderly are usually people who have an established relationship with them, such as friends, relatives, and caretakers. Those with established relationships have significant opportunity to steal from or otherwise exploit elderly victims through:
- Using credit or debit cards without permission to withdraw funds or make purchases for someone other than the cardholder
- Misuse of checks belonging to the older individual
- Exerting authority to access funds and use them for personal gain
- Using pressure or threats to benefit from the older individual’s money
What Are Red Flags Of Financial Exploitation Of The Elderly?
As a caretaker or relative of an older person, there are many warning signs of financial abuse that you should be aware of. You can help avoid having your loved one become a financial exploitation victim by staying vigilant. Some of the red flags to watch for are:
- Sudden changes in bank accounts, including sudden large withdrawals
- The inclusion of other names on a bank signature card
- Sudden changes in a will or other financial documents
- Uninvolved relatives claiming rights to property or possessions
How To Get Help With A Financial Exploitation Case
Lourie, Chance, Forlines, Carter & King, PC has decades of experience handling all types of elder abuse cases. Our compassionate and experienced elder abuse lawyers are here to answer your questions and take appropriate action to help protect your loved one’s best interests. Please call us at 404-760-7400 to schedule a complimentary case review today. We maintain two offices in Atlanta and serve victims of financial exploitation living throughout the state of Georgia.