There is a compelling need to make all seniors aware of how to protect themselves from abuse. One of the most prevalent types of abuse against the elderly is financial exploitation.

This is defined as, "the illegal or improper use of an incapacitated or vulnerable adult or his resources for another's profit or advantage."

Financial exploitation presents in several different forms -- forgery, misappropriation of cash or assets, abuse of power of attorney, abuse of joint accounts. There are warning signs to look for such as a sudden inability to pay bills, inaccurate knowledge of finances, reluctance to discuss finances, or unexplained transfer of assets to others.

Many times the victim is unaware that they are being taken advantage of, especially in cases where they are coerced or tricked into agreeing to give informed consent.

Although financial exploitation does not discriminate, many victims are females over the age of 70 who reside alone. The victim may also suffer from physical or mental impairments. Sadly, but true, relatives are often the perpetrators, typically adult children. It is estimated that 30-40 percent of abuse on the elderly is in some form of financial exploitation.

Different Types of Financial Exploitation

1. Exploration by someone the victim knows -- a person acting with power of attorney or a court appointed fiduciary. In these cases, the victim is often influenced to sign over real estate or other assets, many times without even realizing what they are doing.
2. Misuse of income or assets. The culprit obtains access to the victims checking or savings account, credit cards, ATM card, or social security checks and withdraws funds at will.
3. A caregiver charges the victim exorbitant fees for things such as basic care, transportation, food, and/or medicine.
4. Scam artists use ploys such as "You've just won a prize," and they need the bank account information to deposit the money or misrepresents themselves as a worker and requests a deposit for the services, which they never perform.

Suggestions

1. If you suspect a parent, a loved one, or even a friend is being exploited, you can contact the police.
2. Talk with the victim and let them know that it's okay and you can help them.
3. Educate the victim and make them aware of the potential predators.
4. If it is your parent, but you do not have power of attorney, you can still call the bank, the credit card companies, and others to express your concerns.
5. If you do have power of attorney, consider substituting a prepaid debit card in place of a credit card. This allows the person to still have the freedom of a credit card, without the repercussions in case it is lost or stolen.

No one criminal act is less than another -- a crime is a crime, but exploitation of the elderly is at the top of the list, especially when the perpetrator is a relative or even a child. There are steps you can take whether you are a relative, a child, or even a friend; to prevent or stop these acts from occurring against your loved one.