Elder financial abuse is a serious crime that is frequently committed by those in a position of trust or by individuals related to the victim. It occurs when someone takes, misuses or conceals property, money or assets of a vulnerable senior citizen or otherwise incapacitated adult.
Veriti Consulting has experience detecting and identifying elder financial fraud, and has worked with fiduciary services firms, law firms, financial planners, elder care agencies and other clients on matters such as:
- Abuse of Trust
- Asset Conversion
- Breach of Fiduciary Duty
- Court-Appointed Expert Analysis
- Embezzlement
- Falsified Documents
- Misappropriation of Assets
- Missing Funds
- Unauthorized Gifting
- Unethical Trustee Activities
Using forensic accounting and fraud investigation techniques, Veriti has investigated alleged embezzlement of real and personal property, and collusion between family members to pilfer from an incapacitated elder. In addition, Veriti has valued various entity interests to determine diminution of value for probate cases, and determined the validity of gifts by incapacitated senior citizens.
If you suspect that you or someone you know have been victimized by elder financial abuse, contact Veriti Consulting at 877.520.1280 or by email for more information on our elder financial abuse services.
Elder Financial Abuse FAQs
1) How is elder financial abuse detected?
Those close to a vulnerable adult can keep an eye for financial exploitation. Common signs of elder financial abuse include withdrawals, transfers and other bank activity that the elder cannot explain, bank statements that are being diverted from the elder’s home, a lifestyle or expenses that do not make sense based on either the health or income status of the elderly, missing belongings, or unusual signatures on documents.
2) Who is at the most risk for elder financial abuse?
In general, senior citizens that live alone, are recently widowed, have few family members around, or are just lonely are easy targets for those committing elder financial abuse.
Why is elder financial abuse on the rise? With the increased aging population and enhanced technology, financial abuse has become rampant in the U.S. Today’s seniors have more wealth accumulated and their identities and assets are more easily stolen or compromised with the use of technology and online banking.
3) Who should be contacted if elder financial abuse is suspected?
Contact local law enforcement, your state’s elder abuse hotline, or you can also contact the Aging Committee’s Fraud Hotline at (855) 303-9470. If a financial investigation is necessary, Veriti’s professional team of CPAs, forensic accountants and fraud examiners can assist. Veriti is also a licensed private investigation firm and can perform background checks and perform asset tracing services on individuals and businesses suspected in elder financial abuse activities.