Minimizing the risk of financial abuse for people living with dementia

By SUN STAFF

According to the Social Security Administration, financial crime against older Americans is a growing problem, with people who have dementia at an especially high risk.

As their memory and other thinking skills decline, people with dementia may struggle to make financial decisions, the SSA said. They may not remember or report the abuse — or understand that someone is taking advantage of them. This abuse can occur anywhere, including at home or in care settings.

According to the SSA, victims of fraud who are 80 years and older lose an average of $39,200 every year. Financial exploitation is reportedly the most common form of elder abuse. However, only a small fraction of these incidents are reported.

If people recognize the common signs of financial exploitation and abuse, they may be able to step in and help. According to the SAA, those signs may include:

• Unopened bills.
• Unusual or large purchases.
• Utilities being shut off due to unpaid bills.
• Money given to telemarketers or soliciting companies.
• Unexplained withdrawals from the person’s bank account.

The SSA said there are things caregivers can do to reduce the risk of financial abuse for people with dementia and similar conditions — like Alzheimer’s — but stress that it’s important to make sure the person being cared for is involved in deciding which safety measures to put into place, when possible.

Some safety measures include:

• Agreeing to spending limits on credit cards.
• Signing up for the “Do Not Call” list at DoNotCall.gov.
• Setting up auto-pay for bills instead of paying by check.
• Signing up to receive automatic notifications for withdrawals from bank accounts or large charges to credit cards.
• Requesting electronic bank and credit card statements and watching for unusual purchases or changes in how the person typically spends money.
• Asking credit card companies to stop sending balance transfer checks and opting out of future solicitations.
• Creating a separate account to keep a small, agreed-upon amount of money that the person can use for recreational activities, like meals with friends.

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Minimizing the risk of financial abuse for people living with dementia