Warning signs of financial exploitation

10 ways to stop financial elder fraud

1. Key takeaways.
2. Begin a family conversation.
3. Create a family financial management plan.
4. Know what key documents have been completed.
5. Be alert to changes in financial accounts.
6. Simplify finances.
7. Keep up to date on local scams.
8. Maintain a social connection.

The investigations are typically conducted by APS social workers, who attempt an “in-person” or face-to-face contact with the person reported or determined to be in need of adult protective services.

• Sudden changes in bank accounts or banking practices, including an unexplained withdrawal of large sums of money by a person accompanying the older adult.
• The inclusion of additional names on an older adult’s bank signature card.

Types of financial or material abuse

• Theft of money or possessions.
• Fraud, scamming.
• Preventing a person from accessing their own money, benefits or assets.
• Employees taking a loan from a person using the service.

Sudden changes to legal or financial documents, or suddenly missing documents, are definite red flags. Documents could include estate documents, insurance policies, retirement accounts, etc. Making multiple unexplained trips to attorneys or financial advisers without notice is a warning sign.

According to the guidance, red flags can be presented in numerous ways, from unusual banking transactions, such as frequent and large withdrawals and uncharacteristic attempts to wire large sums of money, to unusual displays of fear of or sudden reluctance to discussing financial matters.

• Poor or inadequate preparation or training for caregiving responsibilities.
• Young age.
• Inadequate coping skills.
• History of abuse as a child.
• High financial and emotional dependence upon the elder.
• Past disruptive behavior.
• Lack of social support.
• Lack of formal support (e.g., institutional or educational support)

Signs of neglect

• poor appearance and hygiene. being smelly or dirty. being hungry or not given money for food.
• health and development problems. anaemia.
• housing and family issues. living in an unsuitable home environment, such as having no heating.
• change in behaviour. becoming clingy.

Signs of neglect include: Being frequently absent from school. Inappropriate clothing (e.g. shoes too small, clothes are ill-fitted or unsuitable for the weather conditions) Clothes are consistently dirty or smelly.

Neglect can carry on in a child’s life falling into many long-term side effects, including physical injuries, developmental trauma disorder, low self-esteem, attention disorders, violent behavior, and death.