What is elder financial abuse?
Elder financial abuse occurs when someone exploits an older person’s finances through deceit, coercion, or undue influence, regardless of whether they are a trusted family member or a stranger.What are common examples of elder financial abuse?
Elder financial abuse takes many forms, from blatant theft, such as forging checks and stealing credit cards, to more subtle exploitation, like pressuring seniors to change their wills or buy unnecessary financial products. These deceptive practices often escalate gradually, beginning with seemingly innocent requests for financial help, before progressing to larger schemes such as redirecting pension payments or manipulating power of attorney privileges.Who commits elder financial abuse?
Financial predators who target seniors often hide in plain sight, masquerading as trusted family members, caregivers, or financial professionals with direct access to an elderly person’s personal information and finances. These individuals might be the adult child managing their parent’s checkbook, the friendly neighbor who offers to help with errands, or even the professional financial advisor managing retirement accounts - essentially anyone who has earned a position of trust in the senior’s life.Are there clear signs of elder financial abuse?
Signs of financial exploitation can be subtle. Watch for unexplained bank withdrawals, missing valuables, unpaid bills despite sufficient income, or a sudden decline in living conditions. Be wary of new individuals who show unusual interest in the senior’s finances or noticeable changes in spending that are inconsistent with the person’s established habits.Early detection is critical. Spotting these red flags allows family members, caregivers, and financial institutions to intervene before significant damage is done. Stay connected with your elderly loved ones, review financial statements regularly, and monitor for signs of isolation or concerning new relationships.
Where can I report suspected elder financial abuse?
Many instances of elder financial abuse remain unreported because victims feel ashamed, confused, or afraid of their abusers. Authorities can do little to stop potential abuse unless they are aware of it.If you live in Hawaii and suspect elder financial abuse, contact Adult Protective Services (APS) at the Department of Human Services. You can report by calling the Statewide APS Reporting Line at (808) 832-5115 or by contacting the local APS offices in each county.
- Oahu: (808) 832-5115
- East Hawaii (Hilo/Hamakua/Puna): (808) 933-8820
- West Hawaii (Kau/Kona/Kohala/Kamuela): (808) 327-6280
- Kauai: (808) 241-3337
- Maui/Lanai: (808) 243-5151
- Molokai: (808) 553-1763
If the senior is in immediate danger or you believe a crime has been committed, call 911 for police assistance. Reports can be made anonymously.
Elder financial abuse thrives in silence. Whether you’re a family member, friend, or concerned neighbor, you can help protect vulnerable seniors by sharing the information in this article.
