Financial exploitation is the illegal or improper use of another individual’s resources for personal profit or gain. Also referred to as “fiduciary abuse”, “financial abuse”, “economic abuse” and “financial mistreatment.”
- Misappropriation of income or assets - Perpetrator obtains access to an older adult’s social security payments, pension payments, checking or savings account, online banking account, credit, ATM or debit card, or withholds portions of checks cashed for an older adult.
- Charging excessive rent or fees for services - Perpetrator charges an older adult an excessive rent or unreasonable fees for basic care services such as transportation, food or medicine.
- Obtaining money or property by undue influence, misrepresentation or fraud - Perpetrator coerces an older adult into signing over investments, real estate or other assets through the use of manipulation, intimidation or threats.
- Improper or fraudulent use of the power of attorney or fiduciary authority - Perpetrator improperly or fraudulently uses the power of attorney or fiduciary authority to alter an older adult’s will, to borrow money using an older adult’s name, or to dispose of an older adult’s assets or income.
- Paid caregivers keeping the change from the groceries.
- Using credit, debit or ATM cards without permission or knowledge.
- Draining bank accounts without knowledge or informed consent.
- Wrongfully taking property such as cars, home, land, or jewelry.
- Stealing medications.
- Stealing mail.
- Wrongfully taking the assets, funds or property belonging to or intended for the use of an elderly person or person with a disability.
- Alarming an elderly person or a person with a disability by conveying a threat to wrongfully take or appropriate money or property of the person if the person would reasonably believe that the threat conveyed would be carried out.
- Misappropriating, misusing or transferring without authorization any money from any account held jointly or singly by an elderly person or a person with a disability.
- Failing to use the income or assets of an elderly person or a person with a disability effectively for the support and maintenance of the person.