Financial abuse is a form of domestic violence that can be perpetrated by family members, caregivers, or legal guardians. Signs include sudden changes in bank accounts, withholding access to money, and isolating the victim. Financial abusers often attempt to isolate the victim and neglect their basic needs. Concerned loved ones should be wary of new acquaintances or long-lost relatives who suddenly take up residence with the victim.
Financial abuse is classified as a form of domestic violence. Although generally used to describe the control, domination, abandonment, or harm of a family member or intimate partner, financial abuse can also be perpetrated by caregivers, legal guardians, and others empowered to make financial decisions for another. person. Signs of financial abuse can include sudden and uncharacteristic changes in bank or credit accounts, such as the addition of new signers to the victim’s accounts, or large transactions, withdrawals, or checks written to the victim, spouse, guardian, or caretaker. . Any substantial transfer of assets or changes to the victim’s insurance policies, wills, or other financial documents must also be carefully examined by a qualified and neutral third party to verify potential financial abuse.
Other “red flags” of financial abuse include withholding access to money, credit cards, checkbooks, or other assets; give the victim a fixed allowance and/or hold him or her accountable for every penny spent; sabotaging the victim’s car or work; or prevent the victim from working outside the home or in the career field of the victim’s choosing. Signs of financial abuse can also include utility disconnection or eviction notices despite financial ability to pay bills and lost valuables, such as jewelry, art, antiques, or family heirlooms. The abuser’s goal is ultimately to isolate the victim in a position of total financial dependency. Financial abusers are often charming and persuasive, able to convince their victims, and even the victim’s closest friends and family, that they are acting out of love or concern for the victim. By cutting off the intended victim’s access to money, personal freedom, and choice, the abuser thus controls the victim.
Financial abuse is often accompanied by psychological and emotional abuse, sometimes leading to physical abuse. Neglect of the victim’s basic needs (food, sanitary shelter, medicine, and clothing) is often evident in cases of financial abuse. This type of abuse is found across all age ranges, economic, ethnic, and educational backgrounds.
Concerned loved ones are encouraged to be wary of new acquaintances or long-lost relatives who suddenly take up residence with the victim, especially if it involves property or other assets in exchange for care. Financially abusive spouses, intimate partners, and caregivers often attempt to isolate the victim from friends, family, neighbors, and other potential witnesses who might ultimately uncover evidence of financial abuse. To protect a vulnerable elder, one should always ensure that the signatures on all checks, legal and financial documents are in fact the person’s actual signature. You have to be alert when checks from government programs or pension funds disappear, especially if it happens more than once. Other warning signs of financial elder abuse are the redirection of important mail to someone else’s address, sudden unexplained transfers of property, or the creation of power of attorney documents when the elder lacks the ability to make such decisions.
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