[F]inancial abuse ranks as the most prevalent type of abuse against Canada's seniors, reports the Federal/Provincial/Territorial Ministers Responsible for Seniors Forum in their collaboratively prepared (online) document, What every older Canadian should know about: Financial abuse (2010). Even so, we can take measures to protect ourselves and our loved ones — learn what constitutes financial abuse, know the warning signs, and put safeguards in place.
The government document defines financial abuse as "the illegal or unauthorized use of someone else's money or property. It includes pressuring someone for money or property." In addition: "forcing or tricking" a senior into using his or her money or assets for another person's gain; fraudulent use of a joint bank account; improper use of Power of Attorney (POA) for finances, the document that allows us to name other people to act on our behalf.
It's difficult to know how many seniors have been financially abused. Embarrassment, fear of retaliation, isolation, even lacking the full understanding of financial abuse, may prevent a senior from reporting it. Although financial abuse may occur one time, it usually occurs repeatedly over a stretch of time — even years.
Who's at risk?
Older adults in ill health and socially isolated, are most susceptible to financial abuse, reports the F/P/T Ministers Responsible for Seniors. It usually occurs after a stressful life transition, such as the death of a spouse. Isolation combined with dependency, can prevent a senior from sharing concerns with friends and family, and from receiving professional advice. The senior may be left to follow the directions of the abuser and make decisions based on false information.
Who are the perpetrators?
When a close relationship with a senior is exploited as a way to gain access to the senior's finances or assets, it's often a person with whom the senior has a strong relationship with — a family member, a caregiver, or a close friend (F/P/T Ministers Responsible for Seniors).
Predators as strangers, seek out easy targets to victimize. They strategically prowl dating sites, social media, directories, classified ads and obituaries — gathering information and hunting for victims, according to the Canadian Anti-Fraud Centre (CAFC, 2017). Predators may work, worship or frequent places where older adults live or socialize, and where interaction with seniors is possible. They may observe a senior over a period of time (and collect information about that person), before approaching the potential victim under the pretense of a chance meeting. Once a conversation begins, the predator works at gaining the senior's trust, and may fabricate a commonality of interest between the two of them. What better way to gain trust than by naming a deceased person who is familiar to the senior?