Elder and Dependent Abuse Unit
Financial Abuse
Financial or material exploitation is defined as the illegal or improper use of an elder/dependent adult's funds, property, or assets. Examples include:
- Cashing an elder/dependent adult's checks without authorization/permission
- Forging an elder/dependent adult's signature
- Misusing or stealing an elder/dependent adult's money or possessions
- Coercing or deceiving an elder/dependent adult into signing any document (e.g., contracts or will)
- Misusing conservatorship, guardianship, or power of attorney.
Signs and symptoms of financial or material exploitation include (but are not limited to):
- Sudden changes in bank account or banking practice, including an unexplained withdrawal of large sums of money by a person accompanying the elder/dependent adult
- The inclusion of additional names on an elder/dependent adult's bank signature card
- Unauthorized withdrawal of the elder/dependent adult's funds using their ATM card
- Abrupt changes in a will or other financial documents
- Unexplained disappearance of funds or valuable possessions
- Substandard care being provided or bills unpaid despite the availability of adequate financial resources
- Discovery of an elder/dependent adult's signature being forged for financial transactions or for the titles of his/her possessions
- Sudden appearance of previously uninvolved relatives claiming their rights to an elder/dependent adult's affairs and possessions
- Unexplained sudden transfer of assets to a family member or someone outside the family
- The provision of services that are not necessary
- An elder/dependent adult's report of financial exploitation