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What is Elder Financial Abuse?
Elder financial abuse is a form of elder abuse when a person or entity takes, secretes, appropriates or retains (or assists in the process) real or personal property of an elder to a wrongful use or with the intent to defraud, or both. In California, it is a crime under State Welfare and Institutions Code, Section 15610.30.
Who is an Elder?
An elder is a person over age 65 who resides in the State of California. (The definition of an elder can vary from state to state)
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How does financial abuse of the elderly occur?
- Stolen ATM, Debit, and credit cards by care givers or family members
- Deceiving an elderly person to sign loan papers or withdrawal slips
- Elders who are deceived by relatives or care givers, including putting them on bank accounts or titles
- Elders who are deceived by contractors, usually for home repairs they did not need
- Abuse of Power of Attorney authorization
- Telemarketing & sweepstakes scams
- Getting an elder to change a Will or Trust
Sierra Central Credit Union is committed to maintaining and protecting the privacy and financial security of the accounts and loans of its elder and dependant adult members. Upon review of facts concerning a transaction involving an elder or dependent adult, Sierra Central Credit Union may act as a permissive reporter who chooses to report suspected financial abuse to the appropriate authorities.
Please visit the following websites to learn more about Elder Financial Abuse:
www.elder-abuse-information.com
www.bewiseonline.org
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