Elder Americans were robbed of an estimated $4.0 billion in 2013. Some have called elder abuse “the crime of the century”. Seniors who lose their money are more likely to go into a nursing home, go on Medicaid, or suffer severe depression. And, once an older adult has been ripped off, he or she is likely to succumb to other fraudulent financial schemes.
Here are nine warning signs to watch for in older adults which may indicate financial abuse and exploitation is occurring: 1) taking a large amount out of the bank or other cash accounts, 2) making numerous withdrawals of smaller amounts – say $100 at a time, 3) writing a large check to someone they do not know, 4) changing power of attorney or beneficiaries on insurance or investment accounts, 5) bouncing checks or bills going unpaid when there should be enough money to cover bills, 6) making unusual or unnecessary purchases (i.e. golf clubs or jewelry), 7) agreeing to make unnecessary home repairs, 8) becoming too close with a much younger person or an inappropriate person, 9) having a caregiver that is too interested in the finances.
