Elder Financial Exploitation
Elder populations are often victims of physical, emotional or even financial abuse. Financial exploitation is a fast-growing form of abuse of seniors, with approximately $37 billion a year stolen from America’s elderly.i Recognize the red flags and report suspected activity immediately.
- Contact initiated by a third party alleging to be a company offering to fix a problem for a fee (e.g., someone claiming to be from Microsoft offering to fix a computer problem).
- Contact initiated by a third party stating an individual is the winner of a sweepstakes or other contest winnings but is required to pay taxes or other fees upfront to claim the prize.
- Pressure placed on an individual to take action quickly, especially with respect to purchasing decisions, payments for goods and requests for financial help.
- Contact by someone met on an online dating site asking for financial help to pay for travel or moving expenses so they can visit or move into the area.
- Multiple requests by family members, friends or caretakers to make changes on an account, especially to ownership, address or bank account information.
- Pressure by family members, friends or caretakers to obtain the ability to act on an individual’s behalf, particularly asking to be made power of attorney.
- The sudden appearance of a family member who has not been in contact for some time who requests financial assistance.
- A person, including a family member, friend or caretaker, asking multiple questions regarding finances, account information or questions typically used to authenticate accounts (place of birth, favorite food, actor, etc.).
- A person who takes over a conversation, and does not allow an individual to answer questions or make decisions on their own.
- A person providing assistance with applications for bank accounts, financial products or life insurance policies, but not allowing applicant to review the documents before signing.
Financial abuse often accompanies other forms of abuse. It is important to recognize and report red flags of exploitation or abuse immediately.
Contact your local Adult Protective Services agency to report financial exploitation.
Contact 9-1-1 if someone is in immediate harm or danger.
American International Group, Inc. (AIG) is a leading global insurance organization. This information is provided for educational purposes as a courtesy to our clients.