Watch for these red flags to help prevent elder abuse
Financial scams are a serious concern for anyone, but are particularly harmful to older adults. Unfortunately, they are often targeted by crooks who see them as lonely, isolated or confused. Financial elder abuse comes in many forms, whether it is a scam or someone close to them taking advantage of their situation. With most older adults on a fixed income, they are rarely able to recover financially.
If you have an elderly loved one, here are a few warning signs to look for when it comes to financial exploitation:
- Unusual bank activity – frequent, unexplained withdrawals from their accounts
- ATM withdrawals from someone who typically doesn’t use an ATM
- Large checks written to someone you don’t know
- Sudden unpaid bills or bounced checks
- Checks written as loans or gifts
- Changes in power of attorney or beneficiaries on insurance or investment accounts
- New “friends” that are younger or seem inappropriate
- Suspicious signatures
As a community bank, Pennian associates are trained to be on the lookout for elder abuse. However, it’s always a good idea to stay vigilant and observant for the older adults in your life.