Elder Financial Abuse: Don't Be a Victim

Article Submitted by Senior Wealth Solutions, LLC. They can be reached at 973-394-0623.

Each year more than 2 million Americans are the victims of Elder Financial Abuse. According to the National Center on Elder Abuse this is currently the number one crime committed against senior citizens age 65 and older. With the growth of the Baby Boomer generation, this statistic is expected to rise drastically in the coming years.

Banks and other financial institutions have been called to task to help combat this growing trend. Many front line bank employees are trained to be on the lookout for suspicious activity on accounts held by senior citizens. Recently there has been legislation passed in a number of states requiring bank employees to report all suspected cases of Elder Financial Abuse to authorities.

The following is a list of the top ten signs banks and seniors should be aware of, according to The Edcomm Group; a New York based consulting firm specializing in consumer protection and business solutions:

1. Sudden changes in an elder's bank accounts or bank practices
2. Uncharacteristic and unexplained withdrawals of large sums of money by an elder or someone with Power of Attorney for an elder
3. Large credit card transactions or checks written to unusual recipients such as salesmen, telemarketers or "Cash"
4. Abrupt changes in a will or other financial document; transfer of an elder's assets to a family member or acquaintance without a reasonable explanation
5. Complaints of stolen or misplaced credit cards, valuables, checkbooks or checks from social security, pensions and annuities
6. Elders who appear nervous when accompanied by another individual or give seemingly "far fetched" explanations as to why they need the money
7. Elders who appear puzzled by increases in incurred debt or credit card transactions
8. A person accompanying an elder who forces him or her to make a withdrawal, or does not allow the elder to speak for themselves
9. New signatories added to an elder's account or newly formed joint accounts between an elder and another non-family individual
10. Possible forged signatures on financial transactions, documents for transfer of assets or new applications for items such as credit cards

As more and more states begin to examine this legislation, financial institutions will have to step up and comply. It is important for them to show the consumer that the institutions are a safe place for their customers to keep their money and that they are looking out for their depositors' best interests.

From the consumers' perspective, it is recommended that you contact your banks or financial institutions to inquire what their policy is in regard to Elder Financial Abuse. Maintaining your finances is paramount to insuring your quality of life; today and in the future.