Tips On How To Spot Financial Abuse of the Elderly

Posted on February 6, 2013

Elder abuse is a serious problem taking place all across the country, and one form of abuse that sadly goes unreported far too often is financial abuse.  A new report estimates that only about 20% of instances of elder abuse is reported to the necessary authorities, and financial abuse alone leads to $3 billion in losses every year among the elderly.  Thankfully, a representative from Oakland Family Services in Michigan has provided a few tips on what signs to look out for.

First, if you keep an eye on the bank accounts of an elderly relative or loved one, then you need to be on the lookout for odd withdrawals of money.  If you know what kind of money your loved one spends, then you should notice right away if a large amount gets taken out or the withdrawals occur at inconsistent rates.  Your suspicions should also be aroused by odd purchases on credit card statements.

You should similarly be put on guard when items go missing from an elderly person’s home.  If jewelry or other expensive things seem to be misplaced, it could be more than just forgetfulness.  It’s also important to take note of any times when your loved one seems unable to purchase basic necessities despite such items being well within their budget.  Finally, be particularly attuned to any sudden medical issues that go uncorrected or prescriptions that run out but don’t get refilled.

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