Key Ways to Protect Older Loved Ones from Financial Abuse
What is financial abuse of vulnerable adults?
Financial abuse occurs when someone takes advantage of an elderly person’s financial resources for their own gain. This can include scams, unauthorized transactions, property fraud, and undue influence by caregivers or family members. >> Watch this video or read more about financial exploitation laws in Arizona.
How can I educate my loved one about common scams?
Scammers often target vulnerable seniors through phone calls, emails, and in-person fraud. Common scams include:
- Tech Support Scams – Fake calls claiming to fix a non-existent computer issue.
- IRS or Social Security Scams – Fraudsters posing as government agencies demanding money.
- Lottery Scams – Fake winnings requiring upfront payment.
- Romance Scams – Online predators requesting financial assistance.
- Grandparent Scams – Callers pretending to be a grandchild needing urgent money.
How to Protect Them:
✅ Never share personal or financial information over the phone.
✅ Be skeptical of unsolicited calls and emails.
✅ Use caller ID and block unknown numbers.
✅ Sign up for the National Do Not Call Registry (www.donotcall.gov).
✅ Report scams to the FTC and local authorities.
Why is monitoring financial accounts important?
Regular oversight helps detect unauthorized transactions early. Warning signs include unexpected withdrawals, new credit cards, or changes in spending habits.
How to Monitor:
✅ Set up online banking alerts for large transactions.
✅ Regularly review bank and credit card statements.
✅ Check credit reports for unauthorized accounts.
✅ Appoint a trusted contact for financial institutions.
How can property fraud affect seniors?
Scammers may forge signatures to transfer real estate ownership without consent. This can lead to financial loss and legal battles.
How to Prevent It:
✅ Regularly check public property records.
✅ Sign up for property fraud alerts, if available.
✅ Consult a real estate attorney if suspicious activity arises.
Why is establishing a Power of Attorney (POA) crucial?
A Power of Attorney (POA) allows a trusted individual to handle financial matters, preventing unauthorized transactions and ensuring responsible financial management.
Steps to Establish a POA:
✅ Work with an elder law attorney.
✅ Choose a trustworthy, financially responsible agent.
✅ Ensure the POA is properly executed and recognized by financial institutions.
✅ Set up regular financial reporting to an independent third party.
How can checking the mail help prevent fraud?
Mail fraud is a common method for scammers to access financial information. Seniors may receive fake checks, fraudulent solicitations, or unauthorized account statements.
Prevention Tips:
✅ Review incoming mail for unfamiliar bills or letters.
✅ Set up paperless billing to reduce fraud risks.
✅ Shred sensitive mail before disposing of it.
How can open communication protect seniors from financial abuse?
Many seniors hesitate to discuss financial issues due to fear, embarrassment, or confusion. Encouraging open discussions helps prevent exploitation.
How to Foster Open Communication:
✅ Have regular financial check-ins.
✅ Look for red flags like sudden secrecy about finances.
✅ Establish a family communication plan to keep everyone informed.
Should I seek professional guidance to protect my loved one’s assets?
Yes, working with financial and legal professionals can provide crucial safeguards against financial exploitation.
Recommended Actions:
✅ Schedule a consultation with an elder law attorney.
✅ Consider estate planning tools like trusts and POAs.
✅ Consult financial advisors for asset protection strategies.
How can Berk Law Group help protect seniors?
At Berk Law Group, we specialize in remedying financial exploitation. We can help take action to:
✅ Stop financial misconduct by obtaining guardianship or conservatorship or other relief from the Court
✅ Investigate and detect financial misconduct.
✅ Legal action against perpetrators of financial abuse.
Call us at (480) 607-7900
Schedule a consultation today!
What should I do if I suspect financial abuse?
If you believe an elderly loved one is being financially exploited, take action immediately.
Who to Contact:
✅ Arizona Adult Protective Services (APS).
✅ 1-877-SOS-ADULT (1-877-767-2385)
✅ For life-threatening emergencies, call 911 immediately