What is financial exploitation of the elderly?

Financial exploitation of the elderly is the illegal or improper use of an elderly person’s funds, property, or any other resources for another person’s benefit. This form of exploitation often involves an abuser taking advantage of an elderly person’s trusting nature and vulnerability to gain access to their money or property. In California, financial exploitation of the elderly is a growing problem and is taken very seriously. The most common forms of financial exploitation of the elderly include: fraud, taking advantage of an elderly person’s diminished capacity, taking advantage of an elderly person’s financial losses, misspending or mismanaging funds, or coercing an elderly person to make risky financial decisions. In California, the Elder Abuse and Dependent Adult Civil Protection Act (EADACPA) provides civil protection to elderly and dependent adults against physical abuse, neglect, financial abuse, abandonment, isolation, abduction, or any other form of abuse, neglect, or exploitation. The EADACPA also provides for criminal prosecution of an abuser and allows victims of financial abuse to seek damages from their abuser. In order to protect the elderly from financial exploitation, it is important for family, friends, and caretakers of elderly individuals to watch for signs of exploitation. These signs may include sudden changes in financial accounts, sudden changes in financial decisions, sudden changes in spending habits, or increased withdrawals from accounts. If you suspect that an elderly person is being financially exploited, you should contact law enforcement or the California Department of Social Services.

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What is financial exploitation of the elderly?

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