Who Are The Perpetrators? 

Although financial abusers of the elderly come in all shapes and sizes, the most common perpetrators, sadly, come from the victim’s own family. Far too often, sons and daughters feel a sense of entitlement to their parents’ property and financial resources. “I’ll get it eventually anyway” is their defensive retort. In families with alcoholism, substance abuse or mental illness, the problem is only worsened.      

The web of other perpetrators spreads from family and may include friends and neighbors, caregivers and aides, attorneys and financial advisors, and finally, strangers and professional scam artists. 

What Are Some Common Warning Signs? 

Any of the following could be an indication that something is amiss with the finances of an elderly parent or friend:

  • Sudden or unexplained changes in spending habits

  • Surrendering control of finances to a new friend or partner

  • Suddenly changing a will, trust or beneficiary designations

  •  Unexplained checks made out to cash, or unexplained loans

  • Unexplained disappearance of assets (cash, valuables, securities, etc.)

  • Signs of anxiety or fear when asked about finances

While there might be a rational explanation for any of these activities, the appearance of one or more of these possible warning signs at least warrants further review of the situation. 

What Are Some Common Scams To Watch Out For?

There are an increasing number of scams perpetrated by professional thieves who often target vulnerable seniors. One of the most frequently reported scams is the “call from the IRS” informing the victim that he she owes delinquent taxes, interest and penalties.

As a former IRS investigator, I can state clearly: The IRS does not make introductory phone calls. Period. Nor do they send emails asking for tax payments. Ever. Official contact from the IRS always arrives by letter, and will never include requests for immediate payment of any kind.

Other common professional scams include the following:  

  • Prizes or sweepstakes winners (requiring a deposit or tax payment)

  • The “Nigerian Prince” scam (asking for a loan to recover his inheritance)

  • Home improvement contractors (contending they’ve been hired, often by the victim’s recently departed spouse) 

  • Grandchild in distress (calling for financial help to get home or pay fines)

  • Romance scams (initiated through online dating services or chatrooms)