Do you have older family members that have had a life changing event such as a health crisis or the death of a spouse or partner? They may be vulnerable to financial abuse from loved ones or even strangers.Â
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June 15th is World Elder Abuse Awareness Day, an official United Nations International Day acknowledging the significance of elder abuse as a public health and human rights issue. Since 2006, communities worldwide have been raising awareness about elder abuse through events that share information and promote resources for older persons’ safety and well-being. Elder Abuse networks and other organizations plan activities across the country to mobilize communities and encourage discussions on promoting dignity and respect for older adults.
What is Elder Financial Abuse?
Financial elder abuse refers to the illegal or improper use of an older adult’s funds, property, or assets. This also includes pressuring someone for money or property. Perpetrators can include family members, caregivers, friends, or even strangers who exploit vulnerable older people for personal gain.
There are some obvious types of financial abuse such as theft or fraud. Examples of this include:
- cashing pension cheque and keeping all/ most of the money
- Unusual activity in a person’s bank accounts, including large, frequent or unexplained withdrawals.
- ATM withdrawals by an older person who has never used a debit or ATM card.
- Power of Attorney using funds for themselves, or new Power of Attorney the older person does not understand.
- Using an older person’s credit card without them knowing
- A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
Some other examples of financial abuse that may be harder to identify are:
- Lending or giving away money, property, or possessions
- Making or changing your will or power of attorney
- Signing legal or financial documents that you don’t understand
- Working for little or no money, including caring for grandchildren
Protecting Yourself & Your Family
To mitigate the risks associated with financial elder abuse, it is crucial to take proactive steps and ensure the financial well-being of our older loved ones. Here are some essential measures to consider:
-  Keep all personal information in a safe and secure place. This includes banking information, cheques, tax information etc.
- Ensure your banking security measures are up to date and reviewed. We have information on best internet safety practices here.
- Have a Power of Attorney prepared appointing someone you can trust to look after you
- Keep a record of money given away and note whether a loan or gift
- For all major decision, including selling your house or other property, get your own legal advice before signing documents
- Ask someone you trust to look over contract and other papers before you sign them
- Be very cautious if you open a joint bank account – the other person can withdraw all the funds without your knowledge
- Make an effort to keep in touch with a variety of friends and family so you don’t become isolated
What to Do if You Believe You Are a Victim:
If you believe that you or someone you know may be a victim of financial elder abuse, it is crucial to take immediate action. Here are the steps to consider:
- Document evidence: Gather any relevant documents, financial records, or communications that may support your suspicions of financial abuse. This evidence will be helpful if you decide to report the situation.
- Contact authorities: Report the abuse to your local law enforcement agency or adult protective services. They are trained to handle these situations and can initiate investigations to protect the victim and hold the perpetrators accountable. You can also contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or www.antifraudcentre-centreantifraude.ca.
- Seek legal advice: Consult an attorney experienced in elder law to understand your rights and explore legal options available to recover any lost assets or funds.
- Notify financial institutions: If financial abuse involves banking or investment accounts, inform the relevant financial institutions. They can help freeze accounts, investigate fraudulent transactions, and implement additional security measures.
- Support services and counseling: Connect with local organizations or helplines specializing in elder abuse to seek emotional support, guidance, and resources to aid in the recovery process.
At Integris Credit Union, we take our members financial safety very seriously. We are committed to keeping our members safe from financial abuse through continuous education and training of staff, and being proactive in sharing financial education information. If you or someone you know believes they are being financially abused, please reach out to your local Integris Credit Union branch. You can also call us at 1-866-554-3456. Together, we can create a safer and more secure future for our older loved ones.