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SPD Home / Safety and Prevention / Elder and Vulnerable Adult Abuse / Financial Exploitation

FINANCIAL EXPLOITATION

WHAT IS THE DEFINITION

  • Use or acquisition of an elder's money or assets contrary to the elder's wishes, needs or best interests.
  • For the abuser's personal gain.
  • Reasonably knowing that the victim is an elder or dependant adult.

WHAT ARE THE KINDS OF FINANCIAL EXPLOITATION?

  • Fradulent changes in wills and trusts
  • Credit card fraud
  • Bank account fraud
  • Real estate fraud
  • Outright theft of money and personal belongings
  • Fraudulent sales activities which can include life insurance annuities, and home repair scams
  • Predatory lending
  • Forgery
  • Theft by undue influence

Thefts by Undue Influence - Signs

"Undue Influence refers to a form of manipulation or deception used to gain assets without the true consent of the victim.

  • Sudden decrease in outgoing lifestyle
  • Prominent signs of elderly person's confusion
  • Loss of valuables
  • Unfounded accusations against family
  • Recent acquaintances moving in
  • Caregivers promising life long care

WHAT Can you do if you suspect financial EXPLOITATION of youR parent(s)?

  • Talk to your parents. Get a feel for what they understand, what they want and what they do with their time.
  • If you feel that you parents are at risk for the physical or financial welfare, file a report with Adult Protective Services (APS) 1-866-363-4276. Seattle Intake (206) 341-7660. APS will do a home visit and make an assessment of their needs.
  • Have medical assesments done. It will be necessary to have medical documents to support housing and/or financial assistance.
  • Ensure that your parents have prepared a will.
  • Consider obtaining Power of Attorney (POA). There are varying powers available and need not take control from your parent's ability to make their own decisions. A POA is very helpful when needing to access medical or financial records.
  • Know your parents financial history. Learn where they bank, have their investments and what their spending habits are.
 
 
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SEATTLE POLICE DEPARTMENT
Headquarters: 610 5th Avenue,
Seattle, WA 98124-4986
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