Previous | Credit reports are now free once a week Next | How to safely use digital banking
July 09, 2020 / Ray Wills
How to spot elder financial abuse

How to spot elder financial abuse

Elder financial abuse is, unfortunately, very common.

According to the American Bankers Association, older Americans control 70 percent of the wealth in the United States. This, combined with the fact that many senior citizens are socially isolated or depend on others for assistance, makes them prime targets.

Elderly woman looking concerned in front of laptop with credit card dangling on a fishing lineElder financial abuse is a crime that involves the deprivation of the money and resources belonging to an older individual, and takes many forms. It could include anything from the misuse of a person’s credit to theft and even fraud.

One in five adults over the age of 65 reports being the victim of elder financial abuse, although the true number is estimated to be higher. While the overwhelming majority of the perpetrators of elder financial abuse are family members or individuals the victim knows well, fraud and scams committed by strangers are also common.

Financial abuse can be devastating. To protect yourself or loved ones, here are a few things you can look for:

  • Sudden changes in a will or power of attorney
  • Unusual activity on a person’s bank card
  • Bills not being paid
  • Significant withdrawals or other activity inconsistent with usual habits
  • Cashing checks for unfamiliar people
  • Suspicious signatures on checks or other documents
  • Bank or credit card statements no longer being sent to customer directly

The PA Older Adults Protective Services Act is designed to safeguard the rights of older adults (60+ years) while protecting them from exploitation. So, if you think you see elder abuse, report it to your bank, your county’s agency on aging or adult protective services.

Ray Wills is the security officer at F&M Trust.

Recent Articles
How to safely use digital banking
How to safely use digital banking

How to safely use digital banking

October 03, 2024 / Ray Wills

It’s never too early to save for the holidays
It’s never too early to save for the holidays

It’s never too early to save for the holidays

September 26, 2024 / Pheonix Gilbert

How to set SMART financial goals
How to set SMART financial goals

How to set SMART financial goals

September 19, 2024 / Pheonix Gilbert

Why it’s important to invest financially early in your career
Why it’s important to invest financially early in your career

Why it’s important to invest financially early in your career

September 05, 2024 / Warren Hurt

Is it a good idea to pay off my mortgage early?
Is it a good idea to pay off my mortgage early?

Is it a good idea to pay off my mortgage early?

August 22, 2024 / Erin Sunday

How to save on back-to-school shopping
How to save on back-to-school shopping

How to save on back-to-school shopping

August 15, 2024 / Megan Brindle

Avoiding the pitfalls of debt and overusing credit
Avoiding the pitfalls of debt and overusing credit

Avoiding the pitfalls of debt and overusing credit

August 08, 2024 / Dave Winters

Teaching children to save money
Teaching children to save money

Teaching children to save money

July 24, 2024 / Mary Kate Mumper

What to consider when weighing a job offer
What to consider when weighing a job offer

What to consider when weighing a job offer

July 17, 2024 / Levi Crouse

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.