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Elder Financial Exploitation & Fraud
When someone uses coercion, harassment or deception to misuse or steal an older person’s money or property, that is elder financial exploitation. 43A O.S. § 10-103(A)(9). Oklahoma law makes exploiting an elderly or vulnerable adult under a person's care a felony. 21 O.S. § 843.1(A) & (B) (1).
Who Is Vulnerable?
People who are isolated, recently widowed, physically or mentally disabled, unfamiliar with financial matters or who have family members who are unemployed and/or have substance abuse problems are especially vulnerable to financial exploitation.
Warning signs of exploitation include:
How Do People Exploit Older Victims?
There are a number of ways people take advantage of elders or vulnerable people, including:
Common Types of Scams and Fraud
Common types of scams and fraud include:
Who Exploits Older and Vulnerable Adults?
Family members may exploit relatives for a variety of reasons. A family member may have a substance abuse, gambling, or financial problem. Relatives who stand to inherit from an older relative may feel justified in taking what they believe is "rightfully" theirs. Or, a family member may fear that an elderly relative will get sick and use up his or her savings, depriving the abuser of an inheritance. Some family members may want to prevent other relatives from acquiring or inheriting the elder's assets.
Professionals may exploit older customers by overcharging for services or products. Individuals posing as home repair professionals often go door-to-door offering to make repairs or do yard work (especially after a storm), obtaining payment up front and never completing the work. Medical professionals may commit Medicare or Medicaid fraud by charging for services never performed or by overbilling.
Caregivers who exploit elders may try to gain trust by claiming to love and want to take care of the older person. These individuals may seek employment as helpers to gain access to an elder’s financial documents. People seeking older victims to exploit look for those who appear to be isolated. Some may check obituaries to identify recently widowed persons.
Helpful Resources
For more information about financial exploitation, or to report an incident, the following websites may be useful: Federal Trade Commission's Identity Theft Site
Federal Trade Commission Identity Theft Affidavit
Identity Theft Resource Center
Internet Crime Complaint Center
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Elder Exploitation Overview |