WHAT IS FINANCIAL ABUSE?

It is a crime. According to California State Welfare and Institutions Code, Section 15610.30, financial abuse is "a situation in which a person, including but not limited to, one who has care or custody of or who stands in a position of trust, of an elder or dependent adult, takes, secretes, or appropriates their money or property, to any wrongful use, or with the intent to defraud." Financial abuse also includes the illegal or improper use of an elder or dependent adult's financial resources. Financial abuse one of the most destructive forms of abuse because elders are generally unable to recoup their losses and may lose their ability to live independently or even die from resulting depression.

What is an elder?
According to the Welfare and Institutions Code, an Elder is a person over age 65 who reside in the State of California. (The definition of an elder can vary from state to state)

What are the criminal penalties for financial abuse?
Click here to view the California Penal Code

How does financial abuse of the elderly occur?
Financial abuse of the elderly can happen in many ways - here are some typical crimes:

1) Stolen ATM, Debit, and credit cards by care givers or family members

2) Deceiving an elderly person to sign loan papers or withdrawal slips

3) Elders who are deceived by relatives

4) Elders who are deceived by contractors

5) Abuse of Power of Attorney authorization
This is the one of the fastest growing crimes in America

6) Telemarketing & sweepstakes scams

7) Investment fraud

8) Predatory lending

9) Identity theft

How can financial institutions prevent financial abuse?

• Train your staff how to recognize and report elder financial abuse with our award-winning video training program Be Wise: Preventing Elder Financial Abuse. Click here for more information and an order form.
  
  
• Sponsor a community education event - Help elders and your customers learn how to avoid becoming a victim of elder financial abuse. Click here to view previous events and call 415.956.5556 for information about sponsorship opportunities
  
  
• Launch an awareness campaign by distributing our new Be Wise statement stuffers, posters and brochures to your customers and community. Click here for more information and an order form.
  
  
• Encourage your organization to make a donation to support our education and prevention programs. Any amount you can give will be deeply appreciated and is fully tax deductible. Click above to make a secure online donation via Paypal, or send a check or money order payable to EFPN at 550 Montgomery Street, Suite 485, San Francisco, CA 94111. If you need our Tax ID number, call 415.956.5556.
  
  

Note: The banking regulatory agencies have confirmed that purchases of 'Be Wise' products and services, investments, grants, and in-kind donations to EFPN are considered ‘qualified investments’ for the purpose of the Investment Test of the Community Reinvestment Act. (Confirm with your Compliance Department.)