What Is Financial Exploitation?
Financial exploitation of older adults or adults with disabilities is very common. It means that a caretaker, family member, or person with an ongoing relationship with the vulnerable adult has used or attempted to use the adult's financial resources. This includes using an older adult's assets without informed consent, under false pretenses, or through intimidation or manipulation. It can include the loss of property, money, income, or benefits or the misuse of the vulnerable adult's identity to open credit accounts or to access existing accounts. These losses can have long-lasting consequences.
Financial exploitation can be hard to spot since the victim may not realize it's happening. Older adults or adults with disabilities are at a higher risk of exploitation because they depend on others.