Financial Abuse


Bruises and bumps aren't the only signs of elder abuse. Sometimes elder abuse is not physical. In fact, the most insidious kind is financial.  It can come from a friendly stranger on the telephone promising a free cruise or a neighborly guy who asks for cash to repair a leaky roof.

Financial abuse is the improper use of an adult's funds, property, or resources by another individual. This includes fraud, embezzlement, forgery, falsifying records, coerced property transfers, or denial of access to assets.


Some Indicators of Financial Abuse might include:

• Unexplained or sudden inability to pay bills
• Unexplained or sudden withdrawal of money from accounts
• Disparity between assets and living conditions
 

Nationally, there are thought to be about 5 million victims of financial abuse each year. That is based on the estimate that only 1 in 25 cases of financial abuse are reported.

Many people keep abuse a secret.  Victims often feel ashamed to report that a family member is stealing from them or embarrassed to admit they were tricked out of their money by a stranger.

 
For more information on how the elderly can protect themselves against identity theft, predatory lending and other forms of fraud visit www.westchestergov.com/consumer.