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Preventing Elder Financial Abuse for the People you Love

01/11/2022 | Latest News

Elder financial abuse is the exploitation of an elderly person by a relative, carer, stranger, or so-called “friend” in order to drain money and assets that have taken years to build up. Abuse of this kind can significantly alter an elder’s way of life. Elder abuse is the taking or improper use of a vulnerable adult’s property or resources through intimidation, theft, fraud, deception, harassment, or other improper or illegal means.

Financial Abuse Warning Signs when an Elderly Person:

  • Engages in unpredictable, odd, or out-of-character bank activities.
  • Secretly withdraws huge sums of money.
  • Unexpectedly makes new friends, especially those who move in with them.
  • Modifies property titles, wills, or other legal papers without understanding the repercussions.

Warning Signs of Possible Vulnerability to Financial Abuse:

  • There is a noticeable change in appearance.
  • The person becomes disoriented, doesn’t know where they are, or indicates that they are forgetting things.
  • The person becomes paranoid about money in his or her accounts.
  • Dramatic changes in mood or personality.
  • Completes an act of power of attorney but is perplexed by the results.
  • Lacks facilities even though they afford them.
  • Suggests that some of their possessions have vanished out of the blue.
  • Is untreated for clear mental or physical health issues.

Elderly friends and family members can be protected from these kinds of damages by recognising financial elder abuse. Our Benefit Compliance Unit within the Income Support and Compliance Division investigate all Benefit Compliance Investigation Requests. A person can fill in and submit the request online, call Freephone 80072345 or write to the Benefits Compliance Unit, 38 Ordnance Street, Valletta VLT 1021.