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Financial Exploitation of the Elderly

What Is Financial Exploitation of Seniors?

Financial Exploitation of the ElderlyWith the busy lifestyle many individuals maintain, it’s easy to see why nursing homes are so relied upon for seniors who are no longer fully capable to care for themselves. Unfortunately, because of their need for assistance and care, it’s these individuals who are also more vulnerable and susceptible to unforgivable actions.

While the physical abuse of seniors is one of the most disgusting acts a person can perform, financial exploitation of the elderly is just as damaging and oftentimes occurs more than any other form of abuse. Learn what this is and how to watch for it below.

Common Forms of Financial Exploitation

As a general definition, financial exploitation is when someone either steals, takes, or misuses assets from an elderly individual in their care as a means of their own personal benefit. This can occur in a number of ways, including matters involving:

  • Fraud – This involves the individual acting in a dishonest way when entrusted with the assets of an elderly individual. This can include the unauthorized use of checks.
  • Theft – This occurs far too often in nursing homes and involves a caretaker physically stealing money or other items from an elderly resident.
  • Electronic – Referred to as phishing, this occurs when someone uses electronic messages to encourage the elderly to enter in sensitive bank information or passwords.

One of the most serious types of financial exploitation involves fraud in which a caretaker utilizes the elderly individual’s bank information, credit cards, or spending assets on their own expenses or for personal gain.

Essentially, if you notice your loved one’s statements including strange expenses or checks that are unaccounted for, it could be an indicator that they’re the victim of financial exploitation. Even worse is when the caretaker convinces the elderly that they’re using the funds for intended purposes, but instead use the money for something else.

Contact an Attorney Experienced in Elder Law

At Brown & Barron, we take financial elderly abuse very seriously. We work hard to help the elderly and their loved ones seek justice and hold those responsible fully accountable for their actions. It’s important to report financial exploitation as soon as you are convinced it is occurring.

Our Baltimore nursing home abuse attorneys work hard to protect you and your every step of the way. Trust that we’ll do whatever it takes to get you through this situation in the most positive manner possible.

Call our firm at (410) 698-1717 or contact us online to arrange a free consultation today.