Family members and friends who live in skilled nursing or assisted living communities are at high risk of financial abuse, also known as elder financial abuse.
What is financial elder abuse?
Financial abuse is when someone takes or misuses another person's money to benefit someone else. This type of financial exploitation is often committed by someone the person knows and trusts - a caregiver, family member, neighbor, or a friend.
Help is available
The Consumer Financial Protection Bureau's Office for Older Americans has developed a guide for family and friends of people living in nursing homes and assisted living communities to help them prevent, recognize, document, and report instances of elder financial abuse.
The Bureau has also developed a quick reference guide, Reporting Financial Elder Abuse, to highlight the four steps of fighting elder financial abuse, list red flags to watch for, share common scenarios, and provide resources to refer to.
Financial institutions have processes in place to protect against elder abuse. If you think you, or someone you care about, has been a victim of elder financial abuse, contact the financial institution right away.
If you believe you or someone you know is or has been a victim of elder financial abuse please contact us at 410-828-4730, 800-234-4730, or memberservices@bcefcu.com.