Establishing a financial power of attorney for your loved one will help to keep them safe. The most effective method of preventing elder abuse is to put strategies in place as soon as possible. Starting with the appointment of the appropriate financial power of attorney, or POA, which is unique from a health-related POA, is the next step.

5 Steps to Prevent Financial Exploitation of the Elderly

1. A financial power of attorney should be appointed by you or someone you trust.
2. Designate a dependable point of contact for accounts and investments.
3. Subscription to an account-tracking service that keeps track of your bank accounts, investments, and credit cards
4. Maintain contact with aging family members.

What is Elder financial abuse and how can you prevent it?

Taking money or property from an elderly person without their knowledge, comprehension, or agreement is referred to as elder financial abuse or financial exploitation. Some kinds of elder financial exploitation are plain and uncomplicated, such as faking an older person’s signature on a cheque or using their ATM card to withdraw funds from their account.

What can I do to protect older adults from financial exploitation?

Develop a partnership with your financial institution or credit union to help safeguard older persons from financial abuse A guide for nursing homes and supported living communities on how to prevent elder financial exploitation Guide for family and friends of seniors who live in nursing homes or assisted living communities on how to prevent elder financial abuse.

How do I report financial exploitation or other elder abuse?

If you have legitimate concerns about financial exploitation or other forms of elder abuse, you should contact Adult Protective Services so that they can conduct an investigation. Their relationship with the older person or suspected offender shall be kept strictly confidential.

What laws protect older adults from elder abuse?

The federal government, states, commonwealths, territories, and the District of Columbia all have laws designed to protect older adults from elder abuse and to guide the practice of adult protective services agencies, law enforcement agencies, and other organizations that work with older adults and their families. These laws differ significantly from one state to the next.