Financial exploitation of the elderly is becoming an increasing problem in our society. As modern medicine allows more and more people to live well into their 80's and 90's, these same older persons become unavoidably dependent on others for their care, and thus vulnerable to have that trust and dependency abused.  Unlike dementia and Alzheimer’s disease, which are more readily observable, financial exploitation as a form of elder abuse can be easily hidden behind the mask of the “caring” perpetrator who has been entrusted with the affairs of a dependent elderly person.

 

IDENTIFYING FINANCIAL EXPLOITATION

 

Financial abuse typically begins when the perpetrator, who can be a family member, neighbor, or acquaintance, recognizes that the elderly person is weakened and whose trust can be exploited.  This may be based on several factors, including that the older person is:

 

¨         Physically disabled, and thus dependent on others for the basic needs of daily living, such as bill-paying, transportation, and shopping.

¨         Mentally or emotionally vulnerable due to grief over the recent loss of a loved one (spouse, sibling, etc.) with whom they lived or to whom they were close.

 

¨         Living alone, and thus isolated from contact with other family members or friends.

 

 The perpetrator next secures the elderly person’s trust and confidence by being considerate and helpful. In extreme cases the perpetrator also begins to further isolate the older person from contact with other people who may have been helpers in the past, or whose influence might interfere with that of the perpetrator.  Phone calls are screened, mail is checked, and visits by outsiders with the victim are discouraged or conducted only in the presence of the perpetrator.

 

Gradually all affection and dependence are transferred to the perpetrator. Victims will even lie about their condition to keep away family, friends, the police, or a state Protective Service investigator.

 

Perpetrators will attempt to manipulate the older per

FINANCIAL EXPLOITATION  OF THE ELDERLY – 

HOW TO SPOT IT, AND WHAT TO DO ABOUT IT