Adult Protective Services, an arm of the Washington State Department
of Social and Health Services, says that it has been seeing a sharp rise in financial
exploitation adult abuse. In 2017, Adult Protective Services conducted 10,713 financial
exploitation investigations, almost double the number of investigations it
conducted in 2012.
The Department of Financial Institutions (DFI) defines
senior financial exploitation and fraud as …” the illegal or improper use of a
senior’s resources for another’s profit or advantage.” Exploitation involves
someone the senior knows, such as a family member or caregiver. Fraud is conducted
by a stranger, such as a telemarketer or investment promoter.
An elder can become vulnerable to elder financial abuse due
to these conditions:
·
Recent loss of a spouse or partner and/or social
isolation.
·
Dependent on someone to provide everyday care, transportation,
or other services.
·
Recent change in health.
·
Socially isolated, depressed or lonely.
·
Excessive anxiety about finances.
·
Pressure from children, caregivers, or others to
share money or change will.
Signs of financial exploitation include:
·
Adding additional names on bank signature cards.
·
Unauthorized withdrawal of funds using an ATM card.
·
Abrupt changes in a will or other financial
documents.
·
Unexplained disappearance of funds or valuable
possessions.
·
Bills unpaid despite having sufficient funds.
·
Forging a signature on financial transactions or
for the titles of possessions.
·
Sudden appearance of previously uninvolved relatives
claiming rights to a vulnerable adult’s possessions.
·
Unexplained sudden transfer of assets to a
family member or someone outside the family.
Elder financial abuse does not receive much press. However,
it does occur. Here is an article from The Herald about a recent case of elder
abuse in Lynnwood:
The Herald:
If you suspect exploitation or fraud against a vulnerable
elderly person, contact Adult Protective Services at (866) 363-4276 or online
at https://www.dshs.wa.gov/altsa/home-and-community-services/report-concerns-involving-vulnerable-adults.
Adult Protective Services:
Department of Financial Institutions:
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