Recognizing The Signs Of Financial Exploitation

One form of elder abuse that you should learn how to recognize if you decide to move your elderly parent into a nursing home in Albuquerque involves finances. Financial exploitation affects many older people, not just those who live in nursing homes. According to a study on, for every 44 financial exploitation incidents, only one is reported. Financial abuse is one of the most underreported forms of abuse that seniors experience. 

Many older people are not comfortable admitting they are being manipulated financially, others are not aware of it. Family members play an important role in preventing it. Learn the warning signs of financial exploitation so you can take actions to protect your older relatives. 

If your parent does not have any issues that affect their cognitive abilities and memory and suddenly becomes elusive, forgetful and ignorant of important and financial affairs, those are big signs that something is amiss and needs to be looked into, states the AARP. You should look for other red flags, such as deviations from normal banking activity, the addition and removal of authorized individuals on accounts, forged signatures, unexplained disappearance of money and valuables, sudden changes to estate plans and provisions for unnecessary services and items. 

In addition to monitoring their financial activities, you should visit and communicate with your parent regularly. Look into any complaints they may have. Follow your instincts and investigate any sudden changes in their physical and mental health. Report any suspicions you have about abuse and neglect to your local Adult Protective Services agency, the nursing home administrator and law enforcement.

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