About Financial Exploitation
Financial exploitation is when someone takes money or property from an older adult which causes financial harm to the older adult. Even if the amount is small, it can still be abuse if it means the older adult is no longer able to afford basic needs like food, medicine, and housing. A few examples are:
- Stealing social security checks
- Forging the older adult’s signature on financial documents
- Pressuring the older adult to make changes to their will
- Using the older adult’s credit card to make purchases that weren’t approved even if the older adult approved the use of their credit card for other purchases.
- Borrowing money and not repaying the older adult resulting in the older adult not being able to meet basic needs
Financial exploitation can happen to anyone. Those who are exploited should never be blamed.
Video: Financial exploitation often hits close to home.
Skip this video Financial exploitation often hits close to home. .Tips to Reduce the Risk of Financial Exploitation
- Protect your financial accounts. Don’t share personal financial information unless absolutely necessary. Only share information to the person who absolutely needs the information. Sensitive information includes, but is not limited to the below. And ask your financial institutions, such as banks, about other ways to protect your accounts.
- Passwords, including for digital wallets like Venmo and Paypal, and digital assets like cryptocurrency
- Bank account number
- ATM card and PIN
- Credit card number
- Social security number Medicare number
- Retirement account numbers
- Take your time making financial decisions and transactions. Don’t act on emotion. Don’t act immediately because someone is pressuring you. Think things through before acting. Get a second opinion.
- Practice safe financial habits, including:
- Review account information such as bank and credit card statements regularly
- Shred receipts
- Lock up important documents
- Open your own mail
- Do not sign blank checks
- Do not sign documents without reviewing carefully. If you cannot review closely or do not understand the document, have someone else review and explain before you agree.
- Plan ahead. Identify resources you may need in the future. Begin to explore options early. For example, who would act as your Power of Attorney (POA) if needed?
- Learn about warning signs of exploitation and don't ignore the indicators. Explore some signs of financial exploitation
Take Action
If you think you are being financially exploited make a report.
If you think an older adult you know is being financially exploited make a report.
Report Financial Exploitation
You can report abuse and neglect of adults 60 or older either by phone at (800) 922-2275 or online anytime.
Report as a Mandated Reporter
Certain medical and other professionals are required to report abuse if they encounter it as part of their job. Mandated reporters can report suspected abuse here.