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Elder
Financial
Exploitation

What is

Elder Financial Exploitation?

Someone stealing money, selling or trading property, keeping money and property away from the older person, or using the senior’s bank accounts and credit cards for their gain is committing elder financial exploitation. It can be committed by a loved one, caregiver or a complete stranger.

 

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This publication was made possible in part by a grant from the Ohio State Bar Foundation.

Common Types of Financial Exploitation

  • Unauthorized sale of personal property
  • Changes in official documents (powers of attorney, will, etc.)
  • Theft of money
  • Unauthorized loans, charges or withdraws

Risk Factors

  • Social isolation
  • Family or caregivers who are financially dependent on you
  • Relying on family members or friends to handle your money
  • Cognitive challenges, memory issues or other disabling condition

Warning Signs

  • Money missing from your bank account
  • Unexplained charges to your credit card
  • Pressure to make changes to your power of attorney or will
  • Attempts to isolate you from your family and friends
  • Threats of harm, neglect, abandonment or to force you from your home

Tips To Avoid Financial Exploitation

  • Prepare legal documents (powers of attorney) designating a trusted reliable person who will follow your health and financial wishes.
  • Keep strong connections with friends, family or neighbors to avoid isolation
  • Keep your personal financial and insurance information out of sight of guests and caregivers.
  • Tell your bank what trusted person they can notify of unusual account activity.
  • Don't share your financial or insurance information with callers.
  • Notify the financial institution or medical provider of suspicious activity on statements.

Free Legal Helpline

Pro Seniors provides a free Legal Helpline for legal information, advice and referrals for Ohio residents age 60 and older.

Call 1-800-488-6070.

Report

Your Concerns To

Call Us: 513-345-4160
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