Learning About

FINANCIAL EXPLOITATION

Learn how to recognize the financial exploitation of elderly and vulnerable adults.

DEFINITIONS

Definitions of financial exploitation may vary from state to state. Please contact your local APS agency for details about how it is defined in your area.

OTHER CONCERNS

Neglect/Self-Neglect and Physical/Sexual Abuse are other concerns that APS can address. Learn more about:

Neglect/Self-Neglect

Physical/Sexual Abuse

What is

FINANCIAL EXPLOITATION?

Financial or material exploitation*of a senior or disabled adult typically includes:

The misuse, mishandling or exploitation of property, possessions, or assets of adults.
The use of another’s assets without their consent, under false pretense, undue influence or through coercion and/or manipulation.

Assets are commonly taken via forms of deception, false pretenses, coercion, harassment, duress and threats.

Below are some commonly reported forms of financial exploitation reported to Adult Protective Services agencies:

Theft
Involves assets taken without knowledge, consent or authorization; may include taking of cash, valuables, medications other personal property.

Fraud
Involves acts of dishonestly by persons entrusted to manage assets but appropriate assets for unintended uses; may include falsification of records, forgeries, unauthorized check-writing, and Ponzi-type financial schemes.

Real Estate
Involves unauthorized sales, transfers or changes to property title(s); may include unauthorized or invalid changes to estate documents.

Contractor
Includes building contractors or handymen who receive payment(s) for building repairs, but fail to initiate or complete project; may include invalid liens by contractors

Lottery Scams
Involves payments (or transfer of funds) to collect unclaimed property or “prizes” from lotteries or sweepstakes.

Newly released booklet from NAPSA’s Financial Exploitation Advisory Board:

All in this Together: Adult Protective Services and Financial Institution’s Efforts to Combat Elder Financial Exploitation

_{*Please check your local APS agency website for information specific to your local area.}

What are some

SIGNS OF FINANCIAL EXPLOITATION?

Unusual financial activity (e.g. large bank withdrawal or use of ATMs or credit cards not normally used)
Missing checks or missing bank statements/records
Address or names have been changed on accounts
Purchases made without the individual’s knowledge or consent
Newly authorized signatures on accounts or forged signatures
Evidence that the person fell victim to a scam
Missing belongings
Change to a financial power of attorney
Change of ownership of bank accounts or the deed to a physical property such as a home

_{*The presence of warning signs doesn’t necessarily mean that the adult is being abused.}

Learn more about

Our Monthly Scam Advice Forums

These meetings are designed for APS workers and others who regularly support victims of common “mass marketing” scams. Each meeting opens with the latest information about a specific scam topic, including where to report and how to get help. Then we open the floor for participants to ask the experts and their peers for advice on handling specific cases (no client names!) This meeting takes place every month on the fourth Thursday of each month, at 12:30 pm EST.

*Please note: There is no April 2024 Scam Advice Forum. We will resume on May 23.

To register for the webinar, please click here.

To join the Scam Advice Listserv and receive occasional email updates, email admin@NAPSA-NOW.ORG with a note requesting, “Add me to the Scam Advice Listserv.”

Who runs these forums?

Debbie Deem, a retired Victim Specialist for the FBI, and Steve Baker, who is retired from the FTC and the Better Business Bureau. Both are recognized nationally as experts regarding how scams operate. Debbie also brings decades of experience in working one on one with victims.

Access

Scam Advice Recordings & Resources

What are some

RISK FACTORS?

Excessive spending or financial donations
No oversight of finances
Unaware of technology or modern payment methods
Cognitive impairment or dementia
Social isolation

What If…

I’M NOT SURE?

Do you just have a “feeling” about a situation but can’t verify the details? APS professionals are trained to assess each situation. Based on your report, your local APS agency will determine how best to respond.

Contact Your Local APS

Working with

FINANCIAL SERVICES

Philadelphia Corporation for Aging and the National Adult Protective Services Association are pleased to release National Guidelines for Financial Institutions: Working Together to Protect Older Persons from Financial Abuse. The Guidelines and forms were introduced at the World Elder Abuse Awareness Day event on June 11, 2019 at the Securities and Exchange Commission designed to promote standardization and clarity among financial institutions and Adult Protective Services. We are asking that all APS programs use this form to request records from financial institutions.

_{The funds for this project were provided by the Huguette Clark Foundation for Protection of Elders (formerly The Huguette Clark Family Fund for Protection of Elders). The steering committee was led by Joe Snyder, NAPSA Public Policy Committee Chair and Kathleen Quinn, NAPSA Board President and the content was developed and revised by the members: Carrie Chelko, Lincoln Financial Group, Nancy Heffner, Lincoln Investment Planning, Aisling Murphy, The Vanguard Group, Inc., Brad Keeley, The Vanguard Group Inc., Ronald C. Long, Wells Fargo Advisors, Maureen Matson, Lincoln Financial Group and Jennifer Spoeri, Philadelphia Corporation for Aging.}

Guidelines

2019 Complete Guidelines (includes letters and forms) – Adobe Acrobat

Sample Documents

Below are the letters and forms extracted from the Guidelines for ease of use:
Financial Information Request Form – Adobe Acrobat
Financial Information Request Form – Microsoft Word
Letter Requesting Financial Records – Adobe Acrobat
Follow-Up Letter for Refusal to Release Records – Adobe Acrobat
Letter Requesting Extension on Disbursement/Transaction Hold – Adobe Acrobat

Past Webinars

Utilizing a Standard Form to Request Financial Records: Lessons Learned So Far
Presented on August 8, 2017. Participants learned about the standardized form developed by Philadelphia Corporation for Aging, NAPSA and a select group of leaders from APS programs, legal service providers, the government and financial service industry. The exceptions to Federal Privacy Laws will be discussed and tips for working with financial institutions to form a partnership to protect our most vulnerable adults will be highlighted. Panelists from New York and Virginia will discuss their progress and challenges in implementing the form.

Webinar Recording: Utilizing a Standard Form to Request Financial Records: Lessons Learned So Far
Slides: Utilizing a Standard Form to Request Financial Records: Lessons Learned So Far

Revised Standard Forms for APS to Request Bank Records
On January 7, 2016 NAPSA and the Philadelphia Corporation for Aging held a webinar for state and local APS administrators on revisions to the forms noted above based on meetings with key stakeholders.

Webinar: Revised Standard Forms for APS to Request Bank Records – MP3 Audio Recording
Webinar: Revised Standard Forms for APS to Request Bank Records – Adobe Acrobat Slides

What Happens

AFTER A REPORT IS MADE?

A concerned citizen contacts his/her local APS office to report concerns about the welfare of a senior or adult with disabilities.

The details provided in the report will be screened by a trained professional to evaluate if it meets the statutory requirements for APS services in the state and/or municipality receiving the report. Here is more information about what may constitute abuse, neglect or exploitation.

If the situation meets criteria for abuse, neglect or exploitation, an APS worker will initiate face-to-face contact with the adult needing assistance. The APS worker will assess the adult’s safety, need for assistance, and determine what services, if any, would be beneficial to maintain his/her well-being and independence. Learn more about the services APS workers offer here.

While APS workers help thousands of vulnerable adults every day, individuals always have the right to decline services. Find out what makes APS unique here.

RESOURCES: FINANCIAL EXPLOITATION

Flyer: The Signs of Financial Exploitation

Webinar: Elder Fraud Prevention and Response Networks – Building Collaboration to Fight Exploitation and Abuse (2021)

Webinar: Providing Help, Restoring Hope – The US Department of Justice National Elder Fraud Hotline (2020); Presentation deck available here

Webinar: New Assessments in Financial Decision Making and Financial Exploitation: the Lichtenberg Financial Decision Screening
Scale (LFDSS) (2016); Click here for Research Brief available

HelpVul

NAPSA is a partner in the piloting of a web-based reporting platform designed to combat financial exploitation by connecting financial services, Adult Protective Services (APS), and state securities regulators (SSR). Click here to download more information.

ABOUT NAPSA

The National Adult Protective Services Association (NAPSA) is a national non-profit 501 (c)(3) organization with members in all fifty states, D.C., and the territories. Formed in 1989, the goal of NAPSA is to provide Adult Protective Services (APS) programs a forum for sharing information, solving problems, and improving the quality of services for victims of elder and vulnerable adult mistreatment. Its mission is to strengthen the capacity of APS at the national, state, and local levels, to effectively and efficiently recognize, report, and respond to the needs of elders and adults with disabilities who are the victims of abuse, neglect, or exploitation, and to prevent such abuse whenever possible.

NAPSA OFFICES

NAPSA (National Adult Protective Services Association)

Address:
1612 K Street NW #200
Washington, DC 20006

Phone:
(202) 370-6292

Hours:
9am – 5pm EST

Contact NAPSA

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FINANCIAL EXPLOITATION

DEFINITIONS

CATEGORIES

OTHER CONCERNS

FINANCIAL EXPLOITATION?

All in this Together: Adult Protective Services and Financial Institution’s Efforts to Combat Elder Financial Exploitation

SIGNS OF FINANCIAL EXPLOITATION?

Our Monthly Scam Advice Forums

January 2024

February 2024

March 2024

RISK FACTORS?

I’M NOT SURE?

FINANCIAL SERVICES

Guidelines

Sample Documents

Past Webinars

AFTER A REPORT IS MADE?

RESOURCES: FINANCIAL EXPLOITATION

HelpVul

ABOUT NAPSA

NAPSA OFFICES

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