12 Ways to Identify Financial Abuse Against Seniors

January 19, 2021 · Retirement Life

Close-up of a senior man examining a bank statement with a magnifying glass. — A senior carefully examines a bank statement with a magnifying glass to identify potential financial red flags.

Pay attention to red flags now

The coronavirus pandemic has affected people in more ways than imaginable, from isolating seniors from their families to thousands of people losing their jobs and closing their businesses and to a dramatic increase in the numbers of domestic violence cases during the lockdown. This has also paved the way for another type of abuse: the financial one.

The people at a higher risk of becoming victims of financial abuse are seniors, but it can easily happen to anyone else, as well. According to the National Center on Elder Abuse, 90 percent of the abusers are family members or people the victims are familiar with, such as neighbors, friends or caregivers. Here are the red flags of financial abuse against seniors and learn how to prevent financial exploitation.

A caregiver looking over a senior woman's shoulder as she uses a laptop. — A stern younger woman leans over an elderly woman using a laptop, exhibiting potentially controlling behavior.

Observe caregivers

Something that may represent a warning sign about a possible hidden agenda is when a caregiver, acquaintance, family member or new partner suddenly becomes really interested in your finances. When they start asking too many questions about your balances, where you keep your accounts, when you receive your paychecks from your employer or Social Security, how much your property or household belongings are worth, you’d better be careful with the information you’re disclosing.