What is financial exploitation of the elderly?

Financial exploitation of the elderly, commonly known as elder financial abuse or elder financial fraud, is when someone illegally or improperly uses an older person’s money, property, or other assets without their consent. This can be done by someone close to the elder, such as a family member, or by a complete stranger. In Washington, this is considered a criminal offense and can be punishable by a fine and/or imprisonment. The most common forms of elder financial exploitation include embezzlement, identity theft, unauthorized bank transfers, and misuse of power of attorney. Other behaviors include misusing Social Security and pension benefits, telemarketing and sweepstakes scams, and hasty estate planning. Elder financial exploitation often leads to the depletion of the elderly person’s savings, leaving them in a much worse financial state than they were before. Washington has many organizations devoted to helping elders combat financial exploitation, such as the Washington State Long-Term Care Ombudsman, the Washington State Department of Financial Institutions, and the Washington State Attorney General’s Office. These organizations provide resources for legal assistance, financial education and counseling, and monitoring of elder affairs. They also provide educational materials to help the elderly understand their rights and how to protect themselves from becoming victims of financial exploitation.

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What is financial exploitation of the elderly?

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