Finance and accounting

Elderly people are easily more prone to financial exploitation or abuse. This course aims to educate the elderly, their family members, and bankers or creditors on avoiding and stopping these practices. 

In this lesson, we'll define elderly financial abuse and look at its forms and who are the seniors at risk of this kind of abuse.

Elderly people are more prone to financial abuse or exploitation than any other age group.
This course will help raise awareness about this to reduce the number of victims.


Our Goals
At the end of this lesson, you should be able to:
Define elderly financial abuse;
Recognize the different forms of elderly financial abuse; and
Identify the elderly people at risk of falling victim to financial extortion.


Sarah's Savings
Swipe left to read about what happened to Sarah.


Sarah is an elderly woman living a quiet suburban life.
Her kids are all grown up and living in another city, and her husband passed a few years ago.


Sarah's only companion in the past five years is her housekeeper, Paula.
Sarah and Paula have an excellent relationship, so much so that Sarah allows Paula to run bank errands for withdrawals.


Imagine her surprise when Paula ups and leaves one day. She claims she has to go home to take care of her sick aunt.
Though surprised, Sarah allows her to go.


When Paula left, Sarah started running bank errands on her own, and that's when she found her savings were almost nonexistent.


Upon further investigation, she finds that Paula has been withdrawing more than the amount she specifies during bank withdrawals.


Sarah was a victim of financial abuse.
What do you think is elderly financial abuse based on this case?


Definition of Elderly Financial Abuse

In this lesson, we'll spot the warning signs, identify the culprits, and understand the effects of financial abuse on the elderly.

Now that you know what elderly financial abuse is, let's study its signs, reasons, and effects.


Our Goals:
At the end of this lesson, you should be able to:
Spot the warning signs of elderly financial abuse;
Identify the culprits of elderly financial abuse; and
Recognize the effects of financial abuse on the elderly.


Sudden, unexplained credit card balances.
Unusual activity in bank accounts and changes in banking practices.
Sudden ATM withdrawals from previously non-ATM users.
Unpaid bills despite having sufficient allowances.
Uncharacteristic attempts to transfer large amounts of money.
New credit cards appearing in an older person's name without previous applications.
Suspicious signatures or forgeries on checks or important documents.
Immediate establishment of new powers of attorney.
Sudden inclusion of additional names on a bank signature card.


Signs of Financial Abuse
Here are some warning signs you may need to be wary of:


Which of the following are red flags of elderly financial abuse?


Effects of Financial Abuse on the Elderly
Swipe left to find out more.


Reports of elderly financial abuse are rising. Seniors lose around $ 3 billion each year. Suffering from financial abuse or exploitation affects the elderly seriously.


Older adults who become victims of financial abuse may lose trust in the people around them because of their traumatic experience.


They may also suffer from mental health issues such as depression and anxiety because they may feel that someone else may be out to get them.


Prolonged feelings of stress and anxiety can also affect their physical health. After all, stress is one reason for a weaker immune system.


Financial abuse also affects their expenses. Losing either a small or large amount of money can make finances tight, leading to unpaid bills or failure to purchase medicine.


Signs of Elderly Financial Abuse

This final lesson will discuss how to prevent and respond to elderly financial abuse. It will help you prepare for the future or guide you in caring for older people. 

We went through the warning signs, reasons, and effects of elderly financial abuse in the previous lesson, so let's learn how to prevent and respond to it.


Our Goals
At the end of this lesson, you should be able to:
Understand the practices to prevent elderly financial abuse;
Identify tips and items to remember; and
Determine what to do when suspecting and confirming elderly financial abuse.


Choose caregivers carefully
As already mentioned, it can be hard to trust people these days so performing background checks and assessing a caregiver for the elderly is highly beneficial in preventing financial abuse.
Make an inventory of all valuable possessions
Knowing your valuables or the valuables of your elderly relatives, such as jewelry, important documents, or bank statements, can help identify if anything is amiss.
Protect your mail
It is easy to obtain classified information through the mail. Keep your mailbox secure for incoming or outgoing mail to prevent solicitation or contribution scams.
Make Banking Arrangements
You can make arrangements such as sending duplicates of bank statements or credit card bills to trustworthy family and friends so they can keep track of your banking activity.
Start Shredding
Buy a personal shredder to be safe. Critical documents may get thrown out sometimes, so your personal information may fall into the wrong hands. Shredding valuable documents with your data is the best way to go.
Get Caller ID (if possible)
Getting caller ID helps prevent scams because you'll instantly know who you're talking to.
Stay Vigilant
Protect yourself against con artists or scams by being critical and staying vigilant on the phone, mobile, email, or letters.
Never let strangers into your home or assume that every friendly person always has the best interests at heart.


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Elder Abuse (Financial Services)

Elder Abuse (Financial Services) Lessons

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