Financial Elder Abuse and Spotting the Signs
Financial elder abuse is the illegal, unauthorized, or improper use of an older person’s funds, property, or assets. It includes theft, fraud, coercion, or the misuse of legal arrangements like a power of attorney. This often leaves vulnerable seniors without the resources needed for their own care.
Types of Financial Elder Abuse
Caretaker Fraud: Caretakers misuse their access to an elders account. Adult children of older parents are the most frequently identified perpetrators of elder theft.
Fake Charities: Scammers target older adults for donations to non-existing charities/causes. These are most common around the holidays.
Grandparent Scams: Fraudsters impersonate a grandchild in distress to trick them into providing funds.
Medicare/Health Insurance Fraud: A scammer files a fake medical claim with insurance or sells the elder unnecessary medical equipment.
Power of Attorney Abuse: Trusted individuals misuse power to steal assets.
Romance Scams: Scammers deceive older individuals into giving money by posing as romantic partners.
Other Types of Elder Abuse
Self-Neglect: Failure to provide oneself with basic essentials.
Physical Abuse: Bodily injuries, physical pain, or impairment.
Mental Abuse: Verbal/emotional abuse. This includes threats of physical harm, harassment, intimidation, or humiliation.
Spot the Signs:
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- Lack of basic amenities.
- Changes in behavior/mood.
- Unpaid bills, new credit cards and/or increased cash withdrawals.
- Caregiver isolates elder.
- Harassment, coercion, intimidation, or humiliation.
- Cluttered / dirty living conditions.
- Unusual spending activity.
- Sudden changes to wills, trusts, or beneficiaries.
If you suspect elder abuse, call the Wisconsin Elder Abuse Hotline 1-833-586-0107 or visit ReportElderAbuseWI.org to make a report and help protect our elders.
If you believe you have fallen victim to a scam, please contact our Client Contact Center at (608) 838 – 3141.
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