People spend their lifetime accumulating savings and assets to enjoy their twilight years. Unfortunately, many elder Pennsylvanian’s fall prey to scheming relatives, trusted individuals, or complete strangers who fraudulently drain their bank accounts.
Often, older adults are unaware or embarrassed about being a target of financial fraud. If you believe you or a loved one has suffered a monetary loss due to fraud, contact our Pennsylvania attorney for victims of financial fraud on an elderly person. Contact the Reiff Law Firm at (215) 709-6940 for a free and confidential consultation today.
Elder Financial Fraud in Pennsylvania
Financial fraud or abuse of an older adult is the improper or illegal use of their money, assets, or property. It is difficult to determine the full extent of economic damage that elderly Pennsylvanians suffer due to financial abuse. Often, they are embarrassed to admit that they have been taken advantage of by a trusted family member or were fooled by a stranger. Sometimes, an elderly individual is unaware of the abuse or fraud.
Types of Financial Fraud on Elders in Pennsylvanian
Elderly individuals can be easy targets for financial fraud, especially if they are lonely, isolated, or are experiencing any type of cognitive decline or dementia. Some typical scams aimed at older adults are unnecessary home repairs, fraudulent charities, internet fishing scams, or unreasonably risky investments. Often a person will trick a Pennsylvania senior citizen into signing a document, such as a will, a transfer of a deed, or a power of attorney, that deprives them of their rights or possessions.
The following are some other common forms of financial fraud practices targeting older adults.
- Abuse of a financial power of attorney
- Improper or forged signatures of their checks
- Stealing money or other personal assets, such as jewelry
- Abuse or misuse of debit cards or credit cards
- Charging additional amounts of fees for services, or not rendering services
- Telemarketing or internet scams
- Unauthorized use of assets as collateral for loans
Signs That an Elder Pennsylvanian is a Victim of Financial Fraud
People who prey on the elderly will typically manipulate their victims by exploiting their vulnerabilities, including their loneliness, their cognitive weakness, or their emotional dependency. Still, others might pose as financial experts to gain an older adult’s trust. Because of this, it is sometimes likely that a senior is entirely unaware that they are the victim of a financial crime. It is critical for those who love and care for elderly relatives and friends to be able to recognize signs of economic fraud and abuse. Usually, there will be some change in behavior, unexplained bank withdrawals, or mysterious documents that could give notice to a loved one that their relative or friend is the victim of an economic crime. There are a variety of signs or behaviors that should alarm a concerned person that financial fraud may be occurring.
- A normally conscientious senior is paying bills habitually late or fails to make payments at all.
- There are unexplained or unusual withdrawals from a senior’s bank account.
- The elderly individual experiences a sudden and negative change in their financial condition.
- Personal property, including jewelry or cash, suddenly becomes lost or “misplaced.”
- There are unexpected changes to legal documents, such as will, trust, power of attorney, or deed.
- The elderly person is turning to a previously unknown individual for advice and guidance.
- The senior appears nervous or anxious when talking about their financial situation.
Financial Fraud in Pennsylvania Nursing Homes
When our elderly relatives are in the care of a nursing home or long-term care facility, we assume the staff and administration are caring for their physical and mental needs. Unfortunately, the position of trust and power that the staff wields is often abused for financial gain. Additionally, the administration could also exploit their patients for fraudulent purposes.
Caregivers in Pennsylvania nursing homes often have significant influence over their patients. When that trust is abused, elderly citizens could have their bank accounts compromised, their property stolen, or credit cards misused. In addition to the staff, the administration could be overcharging for services or ordering unnecessary medical tests or equipment. If you believe your older relative is the victim of abusive conduct by either their nursing home’s staff or administration, contact our Pennsylvania attorney for financial fraud of an elderly person immediately.
Preventing Elderly Financial Abuse and Fraud in Pennsylvania
It is important to protect senior citizens from financial fraud. Elderly Pennsylvanians should not provide their financial information, bank account numbers, or social security number to a stranger or to contract any unsolicited business. Additionally, any legal document or contract should be reviewed by a trusted individual or legal professional before signing. If a friend or family member is going to buy something for an older adult, they should be given cash and never lent a credit or debit card.
Call Our Pennsylvania Attorney for Victims of Financial Fraud on an Elderly Person for a Free Consultation
When an older adult is the victim of economic fraud, the results could be financially devastating. The theft of property, the loss of life savings, or the fraudulent transfer of real estate will negatively impact a senior’s remaining years. You need the vigorous and dedicated representation of our Pennsylvania attorney for victims of financial fraud on an elderly person. Our lawyers have over three decades of experience fighting for the rights of older Pennsylvanians. Contact the Reiff Law Firm at (215) 709-6940 for a free and confidential consultation today.
