It can be challenging to protect an elderly loved one from financial abuse in any scenario, but COVID-19 exacerbates the problem. Best practice is to stay in touch by phone or video calls. By staying in touch, you are more likely to detect the signs of exploitation.
Red flags:
- Unsolicited phone calls offering products, anti-malware services, cheap medicines, or “won a lottery”
- Changes to estate planning documents
- Odd spending habits or purchases
- Unusual or unexplained ATM withdrawals
- Bills going unpaid
- New accounts being opened up in the elderly person’s name
- Credit cards arriving by mail
- Adding names to real estate, bank accounts, or retirement accounts
- Personal items missing from your loved one’s home
- Newly made friends, acquaintances getting closer
- Widows and widowers are told that their spouse had outstanding debts that must be settled
Warning Signs:
- Care is offered to you in exchange for signing over property or power of attorney
- Your caregiver is using your funds for personal reasons
- Unexplained new and unusual withdrawals, a rise in credit card activity or a change in account beneficiaries
- Being asked or forced to sign documents you haven’t read or don’t understand
- Threatened with harm if you do not agree to certain financial arrangements that are not in your best interest, including access to your finances
- You are asked or coerced to take on someone else’s financial responsibilities, with no regard for your own needs or financial situation
- Unauthorized changes are made to your property title, deeds, mortgages or other financial documents
- You receive notices of unpaid bills, even though you have paid them or have the funds to cover them
Common Schemes:
- Solicited to pay fees and taxes to receive lottery winnings
- Being approached by an individual for help with a federal investigation
- You are asked to have funds pass through your account
- A potential love interest uses you for financial gain
- Receiving a call from someone purporting to be a grandchild or close relative in danger
- Collecting money for fake charities, especially during or after natural disasters
- Receiving a call from anyone who is posing as a government official
- You are asked to pay via gift cards instead of standard methods of payment
- Receiving an email that appears to be sent from the IRS asking you to UPDATE or VERIFY your email or other personal information
Contact Adult Services Helpline at 1-844-697-3505, if you believe your elderly loved one has been subjected to financial or any other abuse.
