Some criminals prey on the elderly to steal from them or to scam them out of their hard-earned cash. Such crimes are known as elder financial abuse, which can take different forms. Below are some of the common forms of elder financial abuse.

Coercion

Some perpetrators of financial abuse coerce their victims into giving them huge sums of money or valuables. The coercion can either be subtle or direct. For example, a caretaker might threaten to abandon an elderly relative if they don't make the caretaker an inheritance beneficiary. Some perpetrators even use threats of violence to compel their victims to hand over valuables.

Identity Theft

Identity theft is another way through which abusers scam the elderly. The criminals get close to their victims and convince them to hand over their financial details, or the criminal will steal the details in one way or another. They can then use the details to withdraw huge sums of money from the victims' accounts, charge purchases to the victims' accounts, or even order for credit cards in the victims' names.

Investment Schemes

Everyone loves a good investment scheme. However, not everyone has the ability to discern between a good investment scheme and thievery. The perpetrators of elder financial abuse know this and can come up with elaborate investment schemes meant to swindle their targets. Real estate investments, export and import schemes, and stock trading are some of the schemes that these people cook up to steal from their victims.

Blatant Theft

Some criminals don't even bother to think of any finery when stealing from the elderly; they just go for plain old theft. For example, a con person can get close to an elderly person to the point that the person trusts them with their valuables. The perpetrator can also learn the security code for the home security system and safe passwords. That gives the thief access to the victim's valuables that the thief can cart away at will.

False Promises

Lastly, some perpetrators of financial abuse also resort to false promises to encourage their victims to hand over valuables or money. For example, a perpetrator may promise to look after the victim's children, manage the victim's estate, or take care of the victim's home. The target then hands over some valuables to the perpetrator as gratitude, but they don't enjoy any of the promises.

Don't hesitate to do some digging on your own or to contact the authorities if you suspect elder financial abuse. If the authorities do confirm the abuse, consult a lawyer like Jack W Hanemann, P.S. to determine whether you can recover any damages.