What is elder financial abuse?

Elder financial abuse is a type of crime that targets elderly people who are financially vulnerable. It is the illegal or improper use of an older person’s funds, property, or assets. Elder financial abuse can take many forms. One common example is when someone in a position of trust, such as a doctor or caregiver, persuades an elderly person to give them money or assets under false pretenses. Another type is when someone without authorization accesses an elderly person’s bank account or credit card and makes unauthorized withdrawals. Other forms of elder financial abuse include pressuring an elderly person to sign over assets, fraud or scam schemes, and identity theft. In Maine, the Adult Protective Services program is available to help people who are victims of elder financial abuse. They can provide information about legal options, help develop safety plans, and connect victims to community resources. The Maine Attorney General’s Office also has resources available to help protect elderly people from financial exploitation. It is important to be aware of elder financial abuse and the signs that may indicate it is happening. These can include sudden changes in bank account or asset ownership, providing unexplained gifts, changes in living arrangements, or any other activity that seems out of the ordinary. If any of these signs are present, it is important to report the suspected abuse to the authorities.

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What is elder financial abuse?

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