Elder financial abuse is the illegal or improper use of an elder’s money by a family member, friend, neighbor, acquaintance or stranger. Individuals over the age of 60 make up the largest growing segment of our population. This age group may be at risk for abuse, and are often targeted by dishonest people. One of the most devastating and unrecognized forms of abuse is financial abuse.
The Division of Banks (DOB) recommends your financial institution assign a person to report suspected elder financial abuse. By assigning one person responsible for reporting, your institution can reduce the chances of violating consumer confidentiality. The DOB also recommends your institution's front line staff receive training on how to spot elder financial abuse.