Experts warn elder financial abuse often goes unreported until savings are gone

by Kara Daniel

COLUMBIA S.C. (WACH) — Families often don’t notice financial abuse until significant money is gone, and experts say it frequently goes unreported, leaving many victims without help.

“It is one of the most common types of abuse that goes unreported. In fact, it is under reported,” said Dr. Macie Smith, an elder care professional.

Smith said financial abuse is one of the most common forms of elder abuse and is often committed by someone the victim knows and trusts.

She said victims may not acknowledge what’s happening because they still trust the person involved, or they may stay silent out of fear.

In a situation like that when they don’t accept the fact that they haven’t abused because they still really do trust this person and sometimes they don’t say anything because of fear. Fear of losing this person because they think they’ve helped them all the time,” Smith said.

Smith also warned that people with power of attorney can misuse their authority.

Sometimes people feel like when they have the power of attorney, that they can do whatever they want to do on behalf of the other person. That is false. Even though there is a power of attorney, they can still make their own decisions,” she said.

Experts say warning signs of elder financial abuse can include an older adult seeming confused about recent transactions, showing changes in behavior, becoming more isolated than usual, or expressing fear about money.

Smith recommended families take steps early to help protect loved ones, including regularly reviewing bank statements, considering a trusted third party to oversee finances, and keeping open lines of communication about money.

She said South Carolina nursing homes are also required to help where they can.

They are required to post flyers about financial exploitation, and they are required to provide training to their residence about financial exploitation,” Smith said.

For elders or vulnerable people on Medicaid, families are encouraged to look at the Medicaid exclusion list online, which includes many criminals who have abused Medicaid along with their crimes.

Smith said anyone who suspects abuse should report it immediately to Adult Protective Services so the situation can be investigated before losses grow. 

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Experts warn elder financial abuse often goes unreported until savings are gone