By Samara Charters
Are your senior relatives at risk of financial abuse? Distancing measures can increase chances. Here’s how to help them.
The COVID-19 pandemic is creating a widespread sense of vulnerability. However, one group is more affected than the others: the elderly.
Indeed, the disease poses more significant risks to their health. In addition, they are now more exposed to isolation and exploitation with the cessation of regular visits from their relatives.
Fortunately, people took matters into their own hands. For example, people have formed groups to deliver groceries, medicine, and supplies in their neighbourhoods. Many stores have also reserved time slots for seniors. The federal government provided $9 million to facilitate access to needed resources.
However, while most caregivers have good intentions, beware of some “good Samaritans”.
It is hard to imagine anyone wishing harm to an older adult. Unfortunately, financial abuse of seniors does exist. Here’s how you and a Sun Life advisor can help your loved ones during the pandemic.
Recognizing the Signs of Financial Abuse in Seniors
Sadly, financial abuse of seniors is common. This form of exploitation happens every day across the country. With distancing measures, you may not be able to stay in touch as often as you would like. Malicious people could take the opportunity to attack their savings…
It’s impossible to know precisely which seniors are most vulnerable, but here are some signs to look out for:
A decline in cognitive abilities. People who exhibit overconfidence or declining cognitive skills are likely most at risk.
New relationships. A new relationship can lead to exploitation. Look for references to:
a “new friend” or “lover.”
a usually distant family member who is suddenly more present
a caregiver who takes on additional responsibilities, such as day-to-day financial management
Personality changes. Be on the lookout for behavioural changes, including signs that telephone conversations are being “monitored” by someone else. Even if the difference is subtle, it could signal a problem.
Financial changes. If you are involved in managing finances, watch for sudden or unusual changes in banking operations. Changes to legal documents, such as powers of attorney and wills, are red flags.
Approach the problem
Discussing financial abuse with seniors can be difficult. If you notice the signs in someone close to you, you absolutely must tell them as soon as possible. Rule of thumb: offer help without judgment.
If you suspect your loved one is a victim of financial abuse, ask them the following questions:
Do you feel safe?
Is there someone around you who hurts you or makes you feel uncomfortable?
Does anyone depend on your financial help?
Have you been asked to change the beneficiaries or anything else in your will?
Do you have any regrets or concerns about recent financial decisions?
Preventing financial abuse
Does your loved one show any signs of financial abuse? You can still give him some advice for prevention:
Know about scams that target seniors (provide examples).
Keep personal documents in a safe place.
Do not give out passwords and unique identification numbers (PIN) to anyone.
Shred invoices and statements containing personal information.
Do not click on pop-up ads, reply to emails, or open attachments from an unknown sender.
Never sign a contract without taking the time to think about it.
Beware of anyone who accidentally sends money.
Ask for proof of identity before hiring a service provider.
How can an advisor help?
Does your loved one do business with an advisor? You could communicate with him.
A counsellor can help prevent financial abuse among seniors by talking to them over the phone or videoconference. A few simple questions can help her understand their needs during the pandemic:
How do you feel, mentally and physically?
Do you have all the necessary care and support?
How is your family doing?
Are you worried about your finances or those of a family member?
Do you give or lend money to a family member who is not working?
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