All of Community’s staff members are trained to address financial elder abuse, an exploitation of older adults’ finances. This abuse can take many forms, from a younger relative stealing from an older relative, to scammers preying on older adults to scheme them for payments.
To raise awareness of the issue this month, we’re sharing a guide from the Illinois League of Financial Institutions with tips to spot and report elder abuse.
What is financial elder abuse?
Elder financial abuse is:
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Taking money or property
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Forging the older person’s signature
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Applying undue influence
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Promising lifelong care in exchange for money or property
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Using possessions without permission
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Marketing scams
Who is at risk?
Elderly people at risk are/have:
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Not sure who to trust
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Isolated
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Lonely
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Experienced recent losses
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Physically or mentally disabled
Who are the perpetrators?
Common perpetrators of financial elder abuse are:
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Family
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Caregivers and others close to the older person
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Unscrupulous “businesspersons”
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New best friends
What are signs of financial abuse?
The following are signs of financial abuse
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Withdrawals or transfers between accounts
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Change of mailing address
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Suspicious signatures of documents
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Missing checks, valuables, etc.
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Unpaid bills, eviction notice
What is your role?
Report suspected elder abuse, neglect, or financial exploitation to your supervisor who will report it to the Illinois Department of Aging.
Elder Abuse Hotline: 866-800-1409
For more information, visit the American Bankers Association's resource guide.