Financial abuse comes in many forms. Older adults are particularly vulnerable to several types of financial abuse. Their caregivers may steal from them directly in some cases. They can also be vulnerable to undue influence. Caregivers and family members may try to pressure them into making major changes to their estate plans for selfish purposes.
Elder financial abuse can also involve identity theft. Some forms of identity theft are random and involve strangers. Signing up for the wrong online service or failing to properly safeguard digital accounts can result in identity theft. However, many cases of identity theft involve someone who knows the targeted individual.
Who is potentially in a position to steal the identity of an older adult?
Immediate family members
Spouses, children and grandchildren can all steal the identity of an older adult. They may use their access to the household or financial records to secure a credit card in the name of a vulnerable older adult.
Sometimes, families continue cashing Social Security or military pension checks even after an older adult dies. Family members who engage in identity theft often view it as a victimless crime and do not realize that their actions can affect the heirs or beneficiaries of an older adult’s estate.
Professional caregivers
There are a variety of caregiving professionals who are in a position to engage in identity theft. Nursing home employees and those working at similar facilities can use the personal identifying information of vulnerable older adults. They can even use their current address and intercept their incoming mail as part of an identity theft scheme.
Home health aides and those providing support to an older adult in their home can also engage in similar forms of identity theft. They can open accounts, accrue large credit balances and possibly even access the resources of an older adult by stealing their identity.
Identity theft targeting older adults can diminish the resources they have on hand and significantly reduce their legacy after they die. Fighting back against elder financial abuse requires identifying it as it occurs and determining who is at fault. Concerned parties may be able to hold family members or professionals accountable for stealing the identity of an older adult for personal financial benefit.
