96 percent of abuse experienced by older adults goes hidden or undetected. Physical and sexual abuse are two forms of abuse that often go unfounded. But, there is another quiet and just as sinister form of abuse that seniors experience. Seniors financial abuse.
What Is Seniors Financial Abuse?
Senior financial abuse can include a multitude of examples, including misusing a power of attorney, stealing, fraud and extortion. According to Statistics Canada, 7.1 percent of seniors reported experiencing financial or emotional abuse.
Financial abuse can happen to anyone. However, older adults are at greater risk of financial abuse, as they are more likely to be alone, socially isolated and either physically or emotionally debilitated.
How Do Seniors Get Abused Financially?
People over 50 years old control over 50 percent of the nation’s wealth and they’re becoming a target for scammers seeking this wealth.
Senior financial abuse takes place when someone uses the vulnerability of a senior to steal or misuse their belongings or capital without the knowledge of the senior. Tactics used to steal can include coercion, threats, harassment or deception.
Types Of Seniors Financial Abuse
Senior financial abuse is not just theft or fraud, it can take many forms. This can be anything from seizing money online to paying for work that has not been completed and more.
Theft
This is when capital is taken without the senior’s awareness, consent or approval. This can be medications, cash, jewellery, other valuables or forms of personal property.
Fraud
This is often conducted by someone entrusted to control a senior’s assets who does not manage them responsibly. Instead, situations of forgeries, falsification of records, unauthorized cheques being written, and other forms of financial schemes can occur.
Real Estate
This is the unapproved transfers, sales or changes to a property title or titles owned by the senior.
Lottery Scams
This includes payments or transfers of funds to obtain unclaimed prizes or property won from a fraudulent lottery or sweepstakes.
Investment
This occurs when an investment is made without awareness or consent, possibly involving high-fee funds or extravagant trading to collect commissions for financial advisors.
Insurance
This includes the selling of insurance policies and annuities for seniors, such as life insurance policies.
Electronic Fraud
This involves “phishing”, which are emails to coerce a senior into sharing bank passwords, sending wire transfers, or even faxes.
Contractor Fraud
This is when handymen or contractors take advantage of a senior and bill them for work that is not completed.
Statistics On Seniors Financial Abuse
Senior financial abuse often goes undetected because the signs are not well recognized. Nearly 29 percent of Canadians know someone who has been a victim of senior financial abuse. However, in a study conducted by the Canadian Securities Administrators, only 42 percent said they could not recognize the signs of senior financial abuse.
Signs Of Seniors Financial Abuse To Watch Out For
Senior financial abuse can often go undetected until large amounts of capital have been lost, but warning signs can be detected.
Their New Friend – One thing to watch out for is a new friend, companion or love interest that appears in a senior’s life and shows interest and involvement in their finances. Loved ones are recommended to question the identity and involvement of this person and to monitor any remarkable purchases, especially ones out of the senior’s typical spending habits.
Social Isolation – It’s important to be aware of social isolation, especially when senior starts to lose contact with their loved ones and is spending more time with a new “friend”. Both situations are red flags and are a risk for the senior to experience financial abuse. Look out for any adjustments in their behavioural patterns of social groups.
They’re making changes to their Will – if you notice your loved one making the following changes, it could be a sign of financial abuse:
- They make changes to their will by adding another person
- They make changes to their titles to property
- They create or add people to their bank accounts
How To Stop Seniors Financial Abuse
Perpetrators causing senior financial abuse can manipulate the victim into thinking they are causing the problem. The best thing to do is to ask for help. Seniors can seek help from a family member or friend, but there are also community resources that are available to provide support. Banks or credit unions, local seniors’ centres or even your doctor can provide resources for where to seek support. Contact your local police to take legal action.
National and provincial helplines are offered to seniors experiencing financial and other forms of abuse. Caregivers or loved ones worried that a senior in their lives are experiencing this may also access many of these hotlines. View the comprehensive list of organizations and hotlines at the bottom of this article.
How To Protect Yourself Or Loved One From Seniors Financial Abuse?
There are many ways seniors can protect themselves or loved ones can protect them from financial abuse.
- Get A power of attorney – The best way to protect yourself from financial abuse as a senior is by appointing someone as your power of attorney. However, it’s crucial to choose someone you truly trust and who has your best interests at heart. While you can choose a family member to be your power of attorney, you can also choose to have a corporate attorney. A corporate power of attorney may be less biased when making financial decisions for you.
- Keep records – Maintain a record of your money to keep track of loans. That way if you lend money to someone, you’ll know exactly how much you’re owed and whether they’ve paid you back or not.
- Never sign any document without reviewing it first – Ask a trusted loved one to review contracts or other documents before signing or use a notary or lawyer for documents involving the property.
- Don’t get isolated – Maintain contact with loved ones to avoid isolation. Social isolation can lead to mental health problems which can put seniors at higher risk of financial abuse.
- Check your credit report – Check your credit score and report regularly for any signs of unusual activity.
- Automate Your Finances – To avoid relying on others to handle your finances, try automating your bill payments to avoid falling behind and accumulating debt. Also, be cautious in opening joint bank accounts, as there is a risk the one you share it with can take the money without your approval.
- Safeguard Your Information – Safekeep your financial and personal information. Reach out for help if you suspect you are experiencing financial abuse.
Where Can Seniors or Loved Ones Seek Support?
For a senior experiencing financial abuse or a loved one who is concerned a senior in their life is experiencing or at risk of financial abuse, there are various support lines and organizations that may provide help.
However, in general, if you or someone you know is being abused and is in immediate danger, call 911.
British Columbia
- Seniors in British Columbia can contact the Seniors First BC and Information Line at 1-866-437-1940.
- Seniors in British Columbia can contact Legal Aid BC at 604 408-2172.
- A Victim Link is offered toll-free to residents in British Columbia at 1 800 563-0808.
Ontario
- Seniors Safety Line offers contact and referral information for those across Ontario that can assist in cases of elder abuse. You can contact them at 1-866-299-1011. Counselling is also available on their website to older adults experiencing or at risk of abuse.
- The Ontario Caregiver Organization in Ontario is another place you can call for help. You can call the Ontario Caregiver Helpline at 1-833-416-2273.
- Those looking for legal aid in Ontario can contact Legal Aid Ontario, which provides legal assistance for low-income people. Contact them at 1-800-668-8258.
- The Senior’s HelpLine is a free, confidential, 24-hour telephone support line for seniors and caregivers in Ontario. Call them at 519-667-6600.
Quebec
- Quebec seniors can call the Seniors Help Line at 514-489-2287 or email at ligneaideabusaines@ssss.gouv.qc.ca
- The Crime Victims Assistance Center is available for Quebecers victimized by physical violence, threats, fraud, theft or other types of crimes. Call at 1-866-LE-CAVAC.
Alberta
- Albertans can contact the Alberta Elder Abuse Awareness Council at 780-485-7863.
- Albertans can call the 24h Family Violence Info Line at 310-1818.
Manitoba
- The Seniors’ Abuse Support Line is offered to Manitobans at 1-888-896-7183.
New Brunswick
- The Department of Social Development offers services to seniors and adults in New Brunswick with disabilities who are victims of abuse or neglect. You can call at 1-833-733-7835.
Newfoundland And Labrador
- Seniors NL/Newfoundland and Labrador Network for the Prevention of Elder Abuse offers support for seniors experiencing elder abuse. You can call them at 1-800-563-5599.
Northwest Territories
- North West Territories residents can seek support at the NWT Seniors Society through their Senior Info Line by calling 1-800-661-0878 or visiting their website.
- Seniors and caregivers in Nova Scotia can call 211 if they believe they or a loved one is experiencing senior abuse.
- The Elders Support Phone Line offers peer-to-peer counselling for Inuktitut-speaking Elders in Nunavut from Monday to Friday 8:30 a.m. to 12:00 p.m. They can be reached at 1-866-684-5056.
Saskatchewan
- The Saskatchewan Seniors Mechanism provides a Seniors Information Line to offer support to those experiencing financial, physical or mental abuse at 1-888-823-2211.
Other Types Of Senior Abuse
Senior abuse doesn’t only include senior financial abuse; there are various other forms of abuse seniors can experience. Here are some other common forms of abuse of seniors in Canada:
- Physical Senior Abuse – While psychological and financial abuse is the most common forms of senior victimization, physical abuse is the most frequent form of abuse seniors can experience.
- Neglect – Neglect is another form of senior abuse. This includes the failure to provide food, medical attention and other essential care. It also includes a senior being abandoned, not being provided food, medical attention or other necessary care. Neglect of seniors increased during the pandemic, both in cases where seniors were isolated with family members and in long-term care homes.
- Emotional Abuse – Seniors can also experience emotional forms of abuse. This involves being treated as a child, being degraded, scared, insulted, threatened or ignored. Less than one in ten seniors experience emotional or financial abuse committed by an intimate partner. Many circumstances of financial abuse also include emotional abuse, as it can involve threats, intimidation and lies.
- Sexual Senior Abuse – A form of abuse seniors may also be subjected to is sexual abuse. Many of these cases are conducted in intimate relationships. Sexual abuse includes sexual assault or any form of sexual activity where the senior has not provided consent.
Bottom Line
Senior financial abuse is not uncommon and often goes undetected. There’s a variety of ways seniors can be taken advantage of financially, so it’s vital to be aware of the signs and risks. If you or your loved one are isolated and either mentally or physically vulnerable, there are steps you can take to protect them. This may include designating a trusted power of attorney and having a financial plan. If you think you or a loved one are experiencing financial abuse, file a report with the police or reach out to the resources listed above.
