We always want to help our members with their financial plans through all stages of their lives.
Naturally, that means spotting signs of financial abuse or fraud and doing what we can to protect our members’ finances, including spotting signs of financial abuse of the elderly.
Financial abuse of the elderly is the misuse of an older person's funds or property through fraud, trickery, theft or force. It can include:
- the misuse of money or property
- convincing an older person to buy a product or give away money
- stealing money or possessions
- misusing bank or credit cards
- misusing joint banking accounts
- forging a signature on pension cheques or legal documents
Some common signs of financial abuse of the elderly include:
- The senior’s bills aren’t paid on time even though he/she has the financial resources to pay them (change of behaviour)
- The senior is forced to sign over Power of Attorney to someone else
- The senior’s account shows activity the senior couldn’t have done, such as making an ATM withdrawal when the senior is bedridden
- The senior has purchased items he/she can’t use, such as a lifetime membership at a gym
- The senior’s financial situation suddenly changes
- The senior makes changes to financial decisions but seems incapable of comprehending those decisions
- The senior is afraid to speak in front of caregiver/companion/family member
If you suspect an elderly person is being financially abused, please contact the police to follow-up and ensure their finances and personal well-being are safe and secure.