• Appoint financial power of attorney. If your loved one becomes incapacitated, it’s crucial they be financially safeguarded. Bypass the standard power-of-attorney form and enlist the help of a lawyer to customize the form according to their needs, whether it’s filing taxes or managing property. Free and low-cost options are available through Eldercare Locator.
• Vet caregivers. If you’re seeking aid for healthcare or home management, hire someone through a bonded agency with a rigorous screening process. Be vigilant during the post-hire period, as well — request updates regularly and observe in person, when possible.
What can I do if elder fraud has occurred?
• Alert financial institutions. Contact their credit union, bank or wire transfer service to request a cancellation or reversal of any fraudulent transactions, if possible. At a minimum, they can actively monitor their accounts. You can also alert the Social Security Administration and the major credit bureaus (Experian, TransUnion, Equifax) to limit the damage of identity theft.
• Report abuse. If you suspect your loved one is being exploited, report it to your local Adult Protective Services agency (which may have a different name depending on where they live). APS connects to social service programs advocating on behalf of older and disabled adults who need assistance. You can also report abuse to their local District Attorney’s office and request they prosecute the responsible party. If the fraud involved an online scam, report it to the Federal Trade Commission or the U.S. Postal Inspection Service (for mail scams).
• Offer support. Victims of financial exploitation often experience shame or grief. Be patient as they process their emotions and be vocal in your support while you help navigate the next steps. Proactive gestures — like running errands or planning family events — can minimize stress.
• Create a game plan. Consider setting up regular family meetings to address budgeting, bill payments or any lingering financial concerns moving forward. GreenPath Financial Wellness offers worksheets and guides that can help get you started.
