Seven Signs of Financial Elder Abuse

We are all responsible for identifying and preventing financial elder abuse. Keep an eye out for the potential warning signs listed below, as it may mean that someone is in need of assistance.

#1: Someone tells you that they are being taken advantage of.

If someone tells you they are being abused, pressured, or coerced, it is important to believe them, take their claims seriously, ask questions to gather more information, and offer support.

#2: Someone you know is suddenly having trouble paying their bills.

Despite a history of being financially responsible, bills are not being paid on time. You may notice unpaid bills piling up, collection notices, or unopened mail accumulating.

#3: An individual is no longer buying things they need, such as clothes, personal hygiene products, groceries, or medication.

You notice a decline in someone’s standard of living, and it does not align with their income or usual habits.

#4: Sudden or large amounts of cash are being withdrawn.

Unusual changes to a person’s financial behaviour are taking place, particularly cash withdrawals or transfers of money.

#5: Unexplained disappearances of possessions, jewellery, or art.

Precious and valuable items appear to go missing. This could be a result of theft, pawning, or pressured gifting.

#6: Surprising changes to living arrangements.

This can include someone unexpectedly moving in with the individual (potentially rent-free) or the sudden sale of the person’s home.

#7: Misuse of the person’s Power of Attorney (PoA).

Decisions made using the PoA are not in the best interests of the individual. Examples of abuse include theft, misuse of funds, or blatantly going against the individual’s wishes.

Source: Ontario Securities Commission

Visit the Canadian Anti-Fraud Centre for more information about fraud and identity theft. You can also report suspected financial elder abuse on their website or by telephone at: 1-888-495-8501 (toll free). Calls are answered from Monday to Friday, 7am to 1:45pm PT | 8am to 2:45pm MT | 10am to 4:45pm ET.

You may also wish to contact local law enforcement agencies (police) for further guidance.

For more resources and tips, visit the Fraud and Cyber Crime section on iiCanada’s Financial Well-Being page or the Canadian Network for the Prevention of Elder Abuse (CNPEA).