Bank at One Source Federal Credit Union | El Paso TX, Las Cruces NM |

Fraud Prevention

Elder Financial Abuse

Financial abuse can be a devastating form of elder abuse. If you're concerned about an older friend or relative, here are some things to consider.

To spot financial abuse, look for sudden changes in the older person’s financial situation, such as:

Suspicious changes in wills or powers of attorney – Out of the blue, your eldery parent or grandparent wills all of his/her belongings to their new caregiver.
Financial activity the person couldn’t have done herself – You discover repeated ATM withdrawals from your bedridden mother’s bank account.
Bills not being paid – When visiting a neighbor, you see mail piling up on his desk. Maybe his caregiver is using his money for something other than paying bills.
Significant withdrawals or unusual purchases – You notice charges for fancy electronics on your thrifty aunt’s credit card bill.

Elder Financial Abuse is the improper use of an older person’s funds or property. This abuse can be perpetrated by people they know, or people they don’t know and it can happen in many different ways.

Here are some more warning signs:

Depleted bank accounts
Increase in bank fees
Unpaid bills
New acquaintances
Missing possessions
Loans being moved to collections
Out of the ordinary cash withdrawals and transfers
Sharp increase in spending habits
Sudden liquidation of assets

If you notice any of these warning signs and you’re worried that someone’s misusing a loved one’s personal information, or you yourself believe that you have become a victim of financial exploitation, feel free to contact us at 915-592-0223 or 1-800-532-0223.

Additional Resources:

National Center on Elder Abuse