Financial crime against older Americans is a growing problem. People living with dementia are at an especially high risk of becoming victims of fraud and financial abuse. As their memory and other thinking skills decline, people with dementia may struggle to make financial decisions. They may not remember or report the abuse – or understand that someone is taking advantage of them. This abuse can occur anywhere – including at home or in care settings.
It is reported that Victims of fraud who are 80 years and older lose an average of $39,200 every year. Also, Studies show that financial exploitation is the most common form of elder abuse. However, only a small fraction of these incidents are reported.*
Help protect others by learning to recognize common signs of financial exploitation and abuse:
- Unopened bills.
- Unusual or large purchases.
- Utilities being shut off due to unpaid bills.
- Giving money to telemarketers or soliciting companies.
- Unexplained withdrawals from the person’s bank account.
There are also many simple things that caregivers can do to reduce the risk of financial abuse and fraud for people with dementia and similar conditions, like Alzheimer’s.
- Agreeing to spending limits on credit cards.
- Signing up for the “Do Not Call” list at DoNotCall.gov.
- Setting up Bill Pay instead of paying by check.
- Signing up to receive purchase alerts or account alerts for withdrawals from bank accounts or large charges to cards.
- Requesting online statements and watching for unusual purchases or changes in how the person typically spends money.
- Asking credit card companies to stop sending balance transfer checks and opting out of future solicitations.
- Creating a separate account where you can keep a small, agreed-upon amount of money that the person can use for recreational activities, meals with friends, etc.
If you or someone you know has been a victim of elder fraud, contact the National Elder Fraud Hotline.