Financial exploitation can happen to anyone. It includes theft, scams, fraud and abuse or misuse of financial decision-making authority.
Older adults might be financially exploited by being:
Persuaded to buy something they can't afford or don't need, or that doesn't work
Pressured into signing over assets or making a new will
Tricked into signing legal documents, such as power of attorney or deed
Overcharged for work or services
Denied work or services they paid for
Convinced to lend money that is never paid back
Pressured into making investments
Older adults might also have their:
Money, valuables or medications stolen
Identity stolen, to access funds, file phony tax returns or apply for loans or credit cards
Signature forged on documents
People who financially exploit older adults can be:
Family members
Friends or neighbors
Paid caregivers or other in-home help
People with power of attorney or other legal authority to access the older adults' accounts
Financial advisors
Contractors or salespeople
Strangers calling or emailing
Others can take financial advantage of older adults by:
Living with them rent-free
Not paying for food, utilities or other household expenses
Asking the older adult for money or gifts
Threatening to stop helping if the older adult doesn't "pay up"
Talking the older adult into investments or financial decisions that benefit them more than the older adult
People who act this way often feel entitled to the older adult's money and resources. These people may keep making demands of the older adult that can escalate to become financial exploitation.