With all of the news lately surrounding allegations of financial exploitation involving vulnerable adults, it’s more important than ever to be on the lookout for this type of abuse among our loved ones. Often subtle and difficult to detect, financial exploitation can happen to anyone—but older adults and individuals with cognitive or physical challenges are being targeted at an alarming rate.
Whether it’s a distant relative, an overly helpful “new friend,” a stranger on the internet, or even a trusted caregiver, financial abusers often target those who are isolated, dependent on others, or less familiar with managing finances. As North Dakota’s population continues to age, raising awareness about these warning signs becomes not just a legal concern, but a moral one.
What is Financial Exploitation?
Financial exploitation occurs when someone misuses or takes the assets of a vulnerable adult for their own benefit. This might include unauthorized use of checks or credit cards, coercing someone into signing financial documents, or outright theft of money or property, in more advanced cases.
Common Warning Signs
Financial exploitation often goes unnoticed until significant damage has been done. Here are some red flags to be aware of:
- Sudden changes in banking behavior: Large withdrawals, new joint accounts, or an unexplained lack of funds.
- Unpaid bills or shut-off notices: Despite adequate income or savings.
- New or unusual relationships: A caregiver, friend, or family member showing excessive interest in the person’s finances.
- Missing possessions or valuables: Jewelry, credit cards, or cash disappearing without explanation.
- Isolation from friends or family: The exploiter may try to limit access to the vulnerable adult.
Changes in wills, titles, or powers of attorney: Especially if they seem out of character or were made under suspicious circumstances.
Who is At Risk?
While anyone can fall victim to financial abuse, certain factors increase the likelihood:
- Cognitive decline: (e.g., Alzheimer’s or dementia)
- Physical disabilities that require help managing day-to-day activities.
