What Is Financial Elder Abuse?

elderly holding hands with her childWe’ve discussed the different types of abuse that can occur, and while physical and mental abuse have a strong impact on the elderly, there is also the possibility of financial abuse. This has the biggest economic impact on the victim and is something that occurs far too often.

It is a type of abuse that goes unnoticed and unreported because those responsible often prey on people from who they have earned trust. It’s important for you to recognize how it occurs so you can help put a stop to it.

Common Forms of Financial Elder Abuse

There are a number of ways that financial abuse can occur, but some are more common than others. Here are some of the ways it happens and what you can do to recognize it:

  • Directly stealing from the elderly: Many of the elderly residents in nursing homes keep funds in their personal belongings. Financial abuse can come in the form of another resident or staff members taking cash from the elderly.
  • Accessing bank accounts: There are some situations in which the abuser earns the trust of the resident and may become an authorized user on his or her bank account. They may then use this access to take money our of the bank for their own personal gain.
  • Forging signatures on checks: This involves someone close to the elderly accessing checks and forging his or her signature in order to either cash it or use it for one of their own purchases.

If you notice that your loved one has some strange transactions on his or her account, or if there is a new authorized user, it should be a warning sign. You should speak with your loved one about it and determine if they have been the victim of financial elder abuse.

While financial abuse doesn’t have the same impact as physical or verbal abuse, it is still something that should be reported. At Spangenberg Shibley & Liber, our Cleveland nursing home abuse attorneys are ready to be the representatives you need to fight for compensation and justice.

Discuss your rights today. Call our firm at (216) 600-0114.

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