Red Flags for the Elder Abuse

Elder abuse includes the illegal or improper use of an older adult's funds, property or assets. Recent studies suggest that financial exploitation is the most common form of elder abuse that only a small fraction of incidents are reported. Financial institutions can play a key role in preventing and detecting elder financial exploitation. Financial institutions often spot the red flags for abuse sooner than anyone else.

Check out previously recorded webinar for tellers: It’s More Than a Balancing Act and our manual Essential Teller Issues.

Possible signs of elder abuse might include the following:

• Frequent large withdrawals
• Sudden non-sufficient fund activity
• Uncharacteristic nonpayment for services
• Uncharacteristic attempts to wire large sums of money
• Closing of CDs or accounts with no regard to penalties
• Caregiver or other individuals shows excessive interest in the older adult's finances
• The financial institution is unable to speak directly with the older adult, despite repeated attempts to contact him or her.
• A new caregiver, relative or friend suddenly begins conducting financial transaction on behalf of the older adult without proper documentation
• The older adult's financial management changes suddenly, such as through a change of power of attorney to a different family member or new individual
• The older adult lacks knowledge about his or her financial status, or shows a sudden reluctance to discuss financial matters.
  

Still learning,

Honey

Honey Shelton
InterAction Training
20826 Sweet Violet Court
Humble, TX 77346
281-812-0211