Elder financial abuse is a type of elder abuse in which misappropriation of financial resources or abusive use of financial controlin the context of a relationship where there is an expectation of trust, causes harm to an older person. Family members and informal or paid caregivers have special access to seniors and thus are often in a position to inflict financial abuse through deceptioncoercionmisrepresentation, undue influence, or theft. Common abusive practices include:.
In honor of World Elder Abuse Awareness Day on June 15, we took a closer look at the frightening epidemic of elder financial abuse. Elder financial abuse or exploitation is defined in the Older Americans Act of as:. In other words, this type of abuse involves taking advantage of an older person for financial gain.
Know what to look for to help protect older family members, vulnerable adults, and friends from financial fraud. But, only one out of ten older investors feel it could happen to them, though one in four say they worry about it. They may have significant assets and usually have a regular source of income such as Social Security or a pension.
Financial or material abuse can take the form of fraud, theft or using of the vulnerable adults property without their permission. This could involve large sums of money or just small amounts from a pension or allowance each week. It is important not to jump to the wrong conclusions too quickly, however the following is a list of possible indicators of financial abuse:. If you have been or still are the victim of abuse, or you know someone who you think is being abused, contact the Multi Agency Safeguarding Hub located at Brunswick House, Strand Close, Beverley Road, Hull HU2 9DB Tel: - ask for the adults safeguarding team duty officer Fax: - address to the Multi Agency Safeguarding Hub or email adultsafeguarding hullcc.
Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats. Please contact your local APS office for additional information. Contact your local Adult Protective Services agency any time you observe or suspect the following:.
Minnesota's financial institutions, especially state chartered banks and credit unions familiar with their older customers, are in a unique position to spot irregular transactions, account activity, or behavior. Under Section e if an exception applies, a financial institution may disclose information to nonaffiliated third parties without first complying with certain notice and opt-out disclosures. The Commerce Department is providing guidance recognizing that disclosing nonpublic personal information, for the purpose of reporting suspected financial abuse of older adults, falls under one or more of these exceptions when the information is provided to local, state, or federal agencies.
The expenditure, diminution, or use of the property, assets, or resources of a protected person without the express voluntary consent of that person or his or her legally authorized representative or the admission of or provision of care to a protected person who needs to be in the care of a licensed hospital by an unlicensed hospital after a court order obtained by the State Board of Health has directed closure of the unlicensed hospital. For the purpose of this section and Sections andthe term "unlicensed hospital" shall have the meaning ascribed to it in Sectionand the term "licensed hospital" shall have the meaning ascribed to it in Section Any person over 18 years of age subject to protection under this chapter or any person, including, but not limited to, persons who are senile, people with intellectual disabilities and developmental disabilities, or any person over 18 years of age that is mentally or physically incapable of adequately caring for himself or herself and his or her interests without serious consequences to himself or herself or others.
The American public is aging and as more and more of the population ages, a larger segment becomes vulnerable to exploitation. Between andthe United States will experience considerable growth in its older population. Inthe population aged 65 and older is projected to be These men and women are increasingly subject to elder financial abuse.
Financial exploitation is a fast-growing form of abuse of seniors and adults with disabilities. Situations of financial exploitation commonly involve trusted persons in the life of the vulnerable adult, such as:. APS programs report that the number and complexity of reports involving financial abuse of vulnerable and older adults has grown significantly over the past decade.
Despite numerous telephone, mail and internet scams directed toward older adults, relatives may perpetrate more financial elder abuse than strangers, suggests a new study by experts at the Keck School of Medicine of USC. Using a unique source of frontline data -- instances of elder abuse reported to the National Center on Elder Abuse NCEA resource line, Keck School researchers were able to identify the most common types of elder abuse reported and profile the alleged perpetrators. The NCEA resource line is a source for individuals seeking information regarding how to identify or report elder abuse. The most common abuse perpetrated by family was financial abuse