Elder Financial Abuse on the Rise as Thieves Target Personal Assistants

A recent string of high-profile cases has highlighted the growing threat of elder financial abuse, with thieves exploiting vulnerable seniors by targeting their personal assistants. According to experts, these individuals often use their positions of trust to gain access to an elderly person’s financial information and then systematically drain their accounts. To spot elder financial abuse, it is essential to be aware of the warning signs. One common indicator is sudden or unexplained changes in a senior’s spending habits. If an elderly person begins making large, frequent transactions, such as cash withdrawals or transfers to unknown entities, it could be a red flag. Another sign is the presence of multiple bank accounts, often held in the name of the personal assistant or other trusted individuals. This can make it difficult for family members or caregivers to monitor the senior’s financial activities. Additionally, if an elderly person’s credit card or debit card statements show unusual activity, such as purchases made at stores or online that they are unlikely to need or have discussed with their assistant. It is also crucial to be cautious of personal assistants who are overly controlling or possessive towards a senior’s finances. If the assistant becomes aggressive or dismissive when questioned about financial transactions, it may indicate that something is amiss. To protect yourself or a loved one from elder financial abuse, consider implementing the following measures:

• Regularly review your account statements and credit reports
• Set up alerts for large or unusual transactions
• Consider hiring an independent financial advisor to oversee your affairs
• Educate family members or caregivers on how to recognize the warning signs of elder financial abuse By being vigilant and taking proactive steps, you can help prevent elder financial abuse and protect your loved one’s assets.