Financial abuse can happen to anyone, but elderly people are often more susceptible to scams and exploitations.
Keeping a careful watch for signs of financial abuse can help your loved one avoid losing his or her life savings.
Emotional coercion
According to the California Department of Justice, many financial issues start with family members, neighbors or friends pressuring an elderly person into giving them money. Seniors who are being manipulated often appear worried for no particular reason or have a sudden change in mood, such as increased anxiety or sadness.
Many abusers prey on lonely seniors who do not have many people to talk to. If an elderly person suddenly includes a stranger in his or her will or other important document, it may be a sign of financial manipulation.
Increased communication with strangers
Many scam callers target older people, and the scammers often lie about being distant family members in need of money. If your loved one brings up people you have never heard of before while talking about gift money, it may be a fraudulent situation.
Some predators may ask for sensitive financial information over emails or phone calls. Seniors who seems to be communicating more often with strangers could be getting tricked out of their money.
Suspicious bank activity
Missing money from previously untouched bank accounts or increased usage of credit cards may be a warning sign. Forged signatures on personal documents can also lead to unauthorized transfers of money by scammers.
Prized possessions often also go missing, and your loved one may not have an explanation for the loss. He or she may also add another name to a bank signature card or other personal financial information.
