Elder financial abuse is a growing concern, especially as seniors become more reliant on others for assistance. Scammers, caregivers, and even family members may take advantage of older adults. By recognizing warning signs and taking proactive steps, you can help protect your loved ones from financial exploitation.
Recognizing the warning signs
Elder financial abuse often starts with subtle changes in financial behavior. Look for sudden withdrawals from bank accounts, unpaid bills, or changes in estate documents. If a new person gains control over financial decisions or an elder seems confused about transactions, it may indicate abuse. Unusual purchases or missing valuables can also be warning signs.
Securing financial accounts
One of the best ways to prevent financial abuse is to secure bank accounts and important documents. Encourage direct deposit for Social Security and pension payments to reduce the risk of stolen checks. Set up account alerts to monitor transactions. A durable power of attorney can help ensure that a trusted person manages finances if an elder becomes unable to do so.
Educating seniors about scams
Scammers often target older adults through phone calls, emails, and fake charities. Teach your loved ones not to share personal information over the phone and to be cautious of urgent financial requests. The Ohio Attorney General’s Office provides resources to help seniors recognize fraud and report suspicious activity.
Utilizing legal protections in Ohio
Ohio law provides protections for seniors through the Adult Protective Services (APS) program. APS investigates reports of financial abuse and can intervene if necessary. The Ohio Revised Code also allows banks to delay suspicious transactions and report concerns. If you suspect abuse, you can contact the APS hotline or local law enforcement.
Encouraging family involvement
Regular family involvement can help prevent financial abuse. Frequent check-ins provide opportunities to review financial statements and discuss concerns. Having multiple trusted individuals involved in financial matters makes it harder for one person to take advantage of an elder.
Protecting seniors from financial abuse requires vigilance and proactive steps. By staying informed and involved, you can help ensure your loved ones remain financially secure.
