In the U.S., people over the age of 50 control most of the wealth. Unfortunately, people are willing to exploit or manipulate older adults for their selfish gain.
Financial abuse and exploitation refer to the improper or illegal use of an older adult’s property or money for the exploiter’s gain.
What is financial exploitation?
For adults 60 years old and over, financial exploitation towards them is elder abuse. If you are an older American, you may rely on your friends or family to help you with your finances. However, if someone steals, misappropriates or misuses your assets or money, these are examples of financial exploitation. Additionally, no person can deprive you of your cash or assets.
What are the signs of financial exploitation?
Most people do not want to imagine that those closest to them may want to use them for their money or exploit their assets and property. If someone in your life acts entitled to your money, asks for your banking passwords or demands to become an authorized user on your accounts, you may be dealing with someone who wants to exploit you for his or her monetary gain. The person may try to convince you to transfer your assets into his or her name.
Often, fraudsters will try to gain your trust. He or she may act like signing over your assets will benefit you or that he or she would not betray your trust.
Often, a fraudster will leave a long paper trail behind. You may discover forged documents, including checks. Sometimes, the fraudster will try to destroy your financial records to hide the evidence.