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Elder financial exploitation is the illegal or improper use of an elderly adult’s funds, property, or resources by another individual. This exploitation can take many forms, including scams, abuse by trusted individuals such as family members or friends, and predatory products and services marketed specifically to the elderly.
Governor Cuomo’s 2015 Opportunity Agenda directed the Department of Financial Services (DFS) to redouble its efforts to protect elderly New Yorkers from financial exploitation. DFS has issued guidance to financial institutions on steps they can take to prevent elder financial exploitation, but all New Yorkers can take proactive steps to prevent elder financial exploitation.
The tips and resources below provide important information on identifying forms of elder financial exploitation and reporting suspected abuse to the proper authorities.
Who is at Risk of Elder Financial Exploitation?
Here are some risk factors to consider:
Warning Signs of Financial Abuse
No one single thing is proof of elder financial abuse – the following are only possible warning signs. Be on the lookout for:
General Prevention Tips for Elders
Know where to get help if you find yourself, or someone close to you, the victim of financial exploitation
While there are many resources available two agencies that can provide further guidance on this topic are; The New York State Coalition on Elder Abuse at www.nyselderabuse.org and Adult Protective Service. APS also provides a helpline you can call: 1-844-697-3505.
Additional resources used:
USA Patriot Act
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