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You are here: Home / Community Resources / Planning for LTSS / Financial Education

Financial Education

Financial Empowerment

The Consumer Financial Protection Bureau (CFPB) selected 30 organizations from the across the country to join the Your Money, Your Goals cohort. The cohort includes federal, state and local government agencies, organizations working in Native communities, social services, legal aid, faith-based and worker organizations, as well as organizations serving people with disabilities. The program focuses on helping people to reach their financial goals, bring cash flow budgets into balance, order and fix credit reports, reduce debt and avoid financial tricks and traps.

The 2017 Your Money, Your Goals cohort included several large umbrella organizations that allowed CFPB to work with nearly 140 sites all around the country. With this reach, the cohort brought Your Money, Your Goals training’s to communities in 38 states and territories. The Your Money, Your Goals toolkit and training gives organization’s front line staff and volunteers the resources they need to help people they serve set goals, choose financial products and build skills in managing money, credit and debt.

Elder Financial Abuse

Elder financial abuse is a significant problem and is expected to become worse with the aging of America.

The Washington State Department of Financial Institutions wants you to learn about elder financial fraud so you can help your loved ones guard against it.

Common Types of Elder Financial Fraud

Common types of fraud committed on the elderly include:

  • Theft of Cash
    Cash is stolen from the elderly or money is withdrawn from the victim’s bank account without authorization.
  • Cashing Checks Without Authorization
    Stealing and cashing the victim’s checks without authorization
  • Credit Card Theft
    Making purchases on the elderly’s credit card.
  • Transferring Property Deeds
    Convincing the elderly to transfer property deeds without the knowledge of other family members.
  • Misuse Of Power of Attorney
    An individual may misuse power of attorney for financial gain.
  • Investment Scams
    Con-artists might persuade the elderly into high-risk investments or business deals
  • Identity Theft
    Abusers may use the victim’s credit history to take out loans or obtain credit cards.

Who Commits Elder Financial Abuse?

  1. Elder financial abuse is frequently carried out by someone close to the victim.
    • Family members, friends, and acquaintances
      Many of those who commit financial elder abuse are close family members or friends.
    • Caretakers
      A caretaker may steal or persuade a client to give him or her money.
    • Neighbors
      Neighbors may take advantage of the elderly, especially if they know they are in cognitive decline.
    • Professionals
      Unscrupulous lawyers, financial advisors, and other professionals may find ways to take advantage of the elderly. Watch for deceptive billing or questionable transfers of money.

What should you do if you Suspect Fraud?

  1. Contact  Adult Protective Servicesin your Tribe, town or state for help.
  2. Report all instances of elder financial abuse to your local police if fraud is involved, they should investigate.
  3. If you suspect investment fraud, contact the Department of Financial Institutions.

Warning Signs of Elder Financial Abuse

  1. There are many warning signs of elder financial abuse. These are some of the most common you should beware of.
    • Unusual activity in a person’s bank accounts, including large, frequent or unexplained withdrawals.
    • ATM withdrawals by an older person who has never used a debit or ATM card.
    • Large withdrawals from a previously inactive account.
    • New joint account suddenly opened up.
    • Sudden appearance of credit card balances.
    • New “best friends” wanting to accompany an older person to the bank.
    • Sudden non-sufficient fund activity.
    • Closing CDs or other savings accounts without regard to penalties.
    • Uncharacteristic attempts to wire large sums of money.
    • Suspicious signatures on checks, or outright forgery.
    • Checks written as “loans” or “gifts” to someone the family doesn’t know.
    • Bank and credit card statements that no longer go to the customer’s home.
    • New credit cards showing up in your loved ones name.
    • A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.

Resources for Family Members, Caregivers

  • Quick Response Chart
    What to do if you are suspicious of elder financial abuse.
  • Reporting and Referral Contacts
    Who to contact if you suspect elder financial abuse.
  • Senior $afe Brochure
    Information about preventing and spotting elder financial abuse.

Resources for Medical Professionals

  • Clinician’s Pocket Guide(link is external)
    Pocket guide for clinicians.
  • Senior Patient Education Brochure(link is external)
    Brochures that can be handed out to patients.

Additional Resources

Elder Investment Fraud and Financial Exploitation Prevent Program
State securities regulators have joined forces to educate medical professionals and other caregivers about how to identify seniors who may be vulnerable to financial abuse.
Elder Investment Fraud and Financial Exploitation Prevention Program

Serve Our Seniors
Program from the North American Securities Administrators Association.

Adult Protective Services
Adult Protective Services receives and investigates reports of allegations of abuse, abandonment, neglect, self-neglect and financial exploitation of vulnerable adults living in the community and in facilities.
1-866-363-4276

Legal Services for the Elderly
Provides legal services to low income elderly population.
1-888-201-1014

Local Area Agency on Aging
Provides answers on aging and access to resources that help older and disabled adults live well in their homes and communities.
1-877-227-4696

Physical Address:
8500 Menaul Blvd. NE, Suite B-470
Albuquerque, NM 87112


Phone:
505-292-2001

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NICOA acknowledges that many sources of information from federal government websites, states, tribes, non-governmental organizations, and private entities were gathered to create this website. Those sources were used as templates on which we based the design and knowledge that is shared here. We appreciate the efforts of all to provide sound educational guidance on long term services and supports. The resources we find will continue to grow and change as we refine the website. See current list of website sources here.

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