As we get older, and as our family members age, there is a growing concern about being victimized by unseemly characters who prey on the elderly.

Unfortunately, according to the U. S. Department of Justice, elder fraud is a growing problem. One must be able to identify the potential signs of financial abuse as well as take steps to help themselves, and their loved ones from falling victim to financial exploitation.   One must be able to identify the potential signs of financial abuse as well as take steps to help themselves, and their loved ones from falling victim to financial exploitation.

Identifying the Signs of Financial Abuse

Unfortunately for many vulnerable seniors, financial matters grow more complex and they are unable to manage on their own. Providing care for them may involve having to help them deal with everyday tasks including payment of regular bills. Whether the person who has this responsibility is a paid caretaker or a family member, it is imperative to keep a close watch for potential signs they may be being victimized financially.

• Sudden decrease in spending on essential items
• Sudden increase in late payment of regular bills (rent, utilities, etc.)
• Sudden increase in number of cash withdrawals from bank account
• Increase in spending resulting in unusual purchases
• Interest expressed in changing powers of attorney or will 

These are merely some of the changes you might see if your loved one is being taken advantage of financially. It is always a good idea to talk to your loved one if you spot any of these signs and take steps to make sure the issue is resolved as soon as possible.

Preventing Financial Exploitation

While senior financial abuse is on the rise, it is possible to take steps to help minimize the risk of this problem. Some steps are easier to implement than others, but the more attention you can pay to your loved one's finances, the less likely they are to be victimized.

Communication and regular visits whenever possible are the first step to keeping your loved one safe. If you are unable to check in on them regularly, find a neighbor or other trusted friend you feel comfortable trusting this task to.  Making sure your loved one feels safe talking to you about financial matters can go a long way to helping protect them from financial abuse. Sometimes, despite using caution, your loved one can still make a bad financial decision. Avoid passing judgment and tell them we all make bad financial decisions, instead help them learn to avoid a problem later.

Open communication allows you to discuss the wide range of scams, cons and risks your loved one is facing from those who are less than ethical. Remember email scams, credit card scams, and investment scams are common ways the most vulnerable among us are targeted.

While it will be a difficult subject, discuss estate planning matters with your loved one. This is a necessary and important step to understanding their financial status. In addition, this type of transparency usually means you can review their estate planning documents from time to time and review changes which may have been made. If there are any unusual changes, this could be a possible red flag.

Make sure you take the time to have a good relationship with your loved one's day-to-day caregivers. By taking this time now, you may be able to more easily identify unusual behavior from them. Stay vigilant as it could be an indication they may be taking advantage of your loved one. Should you notice any unusual behavior, you may want to dig deeper into your loved one's financial documents for potential problems and take the appropriate steps. The first thing you can do is contact your local elder abuse hotline. Information for your local agency can be found on the National Center on Elder Abuse website.

While financial abuse is a growing problem, being able to identify the warning signs, and taking steps to avoid the issue in the first place can help protect your loved one, as well as protect you as you age.