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Financial Exploitation
Hints for Prevention
of Financial Exploitation
by Karl D. Jones, M.D., P.A.
and JoAnne Jones, R.N.
Dr. Jones is an attending physician
for Windmoor of Clearwater.
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Financial exploitation of the elderly is defined as any theft or misuse of an elders money or property, by a person in a position of trust with an elder person.
A person in trust with any elder may be someone that you have known for a very long time, or could be that of a recent acquaintance. Such as
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1.
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A family member
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2.
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A caregiver, who could be a relative or someone hired as a caregiver
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3.
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A neighbor
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4.
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An insurance agent
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5.
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A contractor, such as a plumber, builder, painter, lawn maintenance person, air conditioning person, electrician, etc.
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6.
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A person selling a service, such as household goods and products
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7.
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A person in the medical field, such as health care provider, home health care provider, home health nurse or home health aide
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ANY person from all walks of life could make you a victim of financial exploitation, male or female.
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FINANCIAL EXPLOITATION
HAS BECOME A NATIONAL EPIDEMIC.
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Why should I be concerned about financial exploitation?
In the past 10 years, current studies have indicated that abuse and exploitation of the elderly has risen above 150%. Financial exploitation is underreported in the United States.
Once you have become a known victim of financial exploitation, it is often too late to retrieve lost funds.
At this point in time, it is often difficult to prosecute the exploiter for various reasons. The victim may have poor recall, or may be confused or become confused and disoriented from the stress placed upon that person from the crime which occurred against that person. The response to these crimes may cause a victim such severe stress that further physical and mental decompensation may occur rapidly and may even result in death.
Elder victims may not want to testify on behalf of themselves because they are embarrassed or ashamed. Or they may have developed such a bond with the exploiter that they do not want the exploiter to be prosecuted.
Financial abuse occurs at every income range, and has no geographic or demographic boundaries.
Physical and psychological causes which may predispose an elderly person to finanacial exploitation.
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1.
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Cognitive impairments
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2.
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Physical illnesses
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3.
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Acute onset of illness
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4.
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Depression
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5.
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Loneliness
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6.
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Poor support systems
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7.
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Alcoholism, substance abuse,
prescription drug use
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8.
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Mental illness
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9.
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Poor compliance with medical care
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10.
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Impairment of the senses; vision, hearing, speech
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Some statistics about the victim.
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1.
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Victims of financial exploitation are often female.
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2.
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The average age of victims of financial exploitation if about 77.
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3.
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The victims of financial exploitation may have early cognitive or physical impairments.
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4.
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The victims of financial exploitation may feel lonely or abandoned, so they welcome the company of strangers for compansionship, often building a trusting relationship with the exploiter.
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5.
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The victims of financial exploitation often live alone, and may have family that live far away. But, the victims too, can reside in a residential care setting or nursing home setting.
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6.
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The victims of financial exploitation may be dependent on a caregiver, so they suffer in silence, and allow the exploitation to continue.
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7.
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The victims of financial exploitation may fear placement in a long term care setting, so the crimes go unreported.
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8.
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The victims of financial exploitation almost always will suffer from psychological and physical impairments following a significant financial crime.
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What are some indications of financial exploitation of the elderly?
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1.
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Notable changes in bank activity.
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2.
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Changes in signatures on accounts.
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3.
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Missing personal items such as jewelry, art, stocks, bonds, and vehicles too!
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4.
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Deliberate isolation from family on the part of the exploiter so that he/she may maintain control.
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5.
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Unpaid bills.
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6.
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Unexplained bank withdrawals.
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7.
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Unexplained changes in wills or titles to property.
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8.
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Caregivers signature on checks.
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9.
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Chronic repairs on same home items.
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10.
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Impairment of the senses; vision, hearing, speech
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11.
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Sudden need for or change in insurance policies.
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12.
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Missing checks from checking accounts.
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13.
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Unexplained purchases on credit card accounts.
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14.
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Missing credit cards.
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15.
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The sudden development of unlikely relationships along with an undue interest in the elderly persons finances.
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Some do's and don'ts to prevent financial exploitation.
Do's...
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Do...
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Request a change in caregiver if you have any suspicions or concerns and do request a confidential conference with the agency supervisor or social worker with that agency.
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Do...
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Keep an inventory.
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Do...
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Use an answering machine to screen your calls.
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Do...
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Ask for identification.
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Do...
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Keep a daily log when changes occur in your life which may be out of your usual routines.
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Do...
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Contact a professional estate planner or attorney if you have the need for assistance.
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Do...
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Call and check to see if persons who approach you are legitimate, and that the business that they respresent is legitimate.
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Do...
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Protect your neighbors and friends from financial exploitation.
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Do...
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Check your bank statements monthly to be sure no monies have been withdrawn by anyone other than yourself.
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Do...
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Confide in your doctor or someone you can trust if you start to feel unsure of handling your finances, or you lose control of your finances.
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Do...
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Destroy credit cards when you no longer use them.
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Do...
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Check your credit card accounts monthly and verify puchases.
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Do...
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Check your checkbook periodically for missing checks, especially in the event that changes occur and you find yourself dependent on others for household assistance and/or personal care.
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Do...
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Know that you can easily become a victim of financial exploitation.
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Do...
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Stay active to maintain your mental alertness.
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Don'ts...
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Don't...
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Open the door to strangers.
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Don't...
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Utilize a service or business just because they appear at your door and tell you that you need work done.
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Don't...
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Sign any contracts, power of attorneys' until you seek legal advice.
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Don't...
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Withdraw any money for anyone but yourself.
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Don't...
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Cosign a loan, or offer a guarantee for a loan for anyone but yourself.
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Don't...
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Respond to advertisements or telephone calls from solicitors.
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Don't...
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Sign blank checks.
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Don't...
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Allow yourself to become a victim of financial exploitation.
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Financial exploitation is not someone else's problem. By ending this problem the elderly will continue to become victims of financial exploitation.
As a community, a family, or a potential victim of financial exploitation it is important to increase awareness of available resources within the community which can be utilized effectively to prevent financial exploitation.
This problem is documented as far back as the 18th Century, yet it is evident that the occurrence will be significantly increased into the next Millennium because of the rise in our elderly population.
Please help stop financial exploitation.
If you are a victim of financial exploitation, know a friend, family member or neighbor who is a victim of financial exploitation, don't ignore it. Many resources are available within the community.
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