As defined by the Older Americans Act-Elder financial exploitation is the theft of money, property or belongings
Why are older adults at risk of financial exploitation?
- They have regular income and accumulated assets
- They are trusting and polite
- May be lonely and socially isolated
- Vulnerable due to grief from loss of a spouse, family member, friend, or pet
- Dependent on support from a family member or caregiver to remain independent
- Fear retaliation by the exploiter
- And much more
Common types of adult financial exploitation
- Power of Attorney or Fiduciary abuse
- Abuse by caregivers and in-home helpers
- Investment fraud
- Lottery and Sweepstakes scams
- Telephone scams
- Computer/Internet scams
- Identity Theft
- Reverse Mortgage Proceeds Fraud
- And much more
Tips to help our members become more aware of and prevent elder financial abuse
- Use Direct Deposit
- Do not leave valuables in plain view
- Sign your own check
- Do not sign "blank" checks, even for family members
- Establish a relationship with your financial institution
- Do not sign over money or property to anyone in return for care, even a family member or friend, without having the agreement reviewed by an attorney
- Never give out credit card number, SSI number, and account number over the phone
- Get several estimates before work is done in your home and do not pay for work in advance
If you suspect you, or someone you know, have been a victim of elder financial abuse, please contact: Michigan Department of Human Services - Protective Services Hotline - 855.444.3911