How to Recognise and Report Elder Financial Exploitation

Elderly people are some of the most vulnerable in our society. Unfortunately, this makes them a target for malicious activity, as they are more likely to fall for scams than other demographics. Here are some red flags to look out for, and how to step in to protect elderly people.

Signs of elder financial exploitation

Missing belongings

When valuable items go missing, this could be a sign of someone close to an elderly person stealing. In many cases, this is someone who regularly visits their house to care for them, and they will take things gradually to avoid suspicion.

Forged signatures

Some exploiters take advantage of an elderly person’s memory issues to pretend they have signed something that they haven’t. They forge a signature to sign off on activity without the consent or knowledge of the person whose signature is required.

Large bank withdrawals

Bank withdrawals to the perpetrator may be made without an elderly person’s knowledge, or they can be coerced into making these transactions.

Sudden will changes

A will changing suddenly or without the knowledge of the owner sometimes implies mistreatment. If an elderly person is unable to explain these changes, it’s worth investigating what happened.

Unpaid bills

Eviction notices and loss of utilities could point to foul play. This could be because someone is draining the elderly person’s bank account, or it could be because someone is pretending to take money for bills and then never paying them.

Mysterious online ‘best friend’ or partner

Some scammers work by pretending to befriend or date the person they are exploiting. They will form an online relationship with an elderly person over a long period of time, then start asking them for money. This can be under the pretence of tickets for travel, urgent healthcare, or paying off debt. These scams play on the emotions of elderly people, as they truly believe that they are in a relationship. In reality, the other person is unlikely to be even using their own photos.

Agitation

Financial exploitation often comes with emotional and physical abuse. If you notice that an elderly person is experiencing mood swings or seems more jumpy than usual, it might be a sign of abuse. Also check for signs of physical abuse, such as bruises and sprains. Changes in eating and sleeping habits, or repetitive behaviours like rocking, can also point to distress.

How to report elder financial exploitation

Banks

Some banks have systems in place to tackle elder exploitation. It’s worth contacting their bank to see if they can help.

Law enforcement

If you believe that someone is stealing from an elderly person, you should contact the police on 211 in non-urgent situations, or 911 if someone is in immediate danger.

Report crime anonymously

If you have information about a crime but are hesitant to report it due to concerns about sharing your identity, contact Crime Stoppers Bermuda. We do not collect any tracking information through our online form and phone line, ensuring that you remain anonymous.

Use our online form or call 800-8477 to give information