Financial Elder Abuse can include a range of conduct such as forging an elder’s signature, deceiving an elder to sign a deed, will, or power of attorney, or taking advantage of an elder in a vulnerable state of mind. Maine has many helpful resources for seniors to protect against fraud through financial education. 

According to Senior Safe, fraudsters look for some of the following indicators when targeting victims:

  • Willingness to listen to telemarketers or other unknown parties with “special offers”
  • Recent loss of a spouse or social isolation
  • Dependence on someone to provide everyday care
  • Financial responsibility for an adult child
  • Recent changes in health
  • Feeling overwhelmed with managing finances

If you are a senior, or have a loved one who is a senior, with any of these vulnerabilities, here are some actions to take to protect against fraudsters. Senior Safe also has a guideline for detecting financial exploitation or fraud.

If you are concerned about financial elder abuse, or need assistance with your finances, the Maine Agencies on Aging offers the Money Minders program. Money Minders is free and it assists people over 55 who need help balancing a checkbook and writing checks.

Maine’s Aging and Disability Resource Centers also offer many, many programs that can help seniors including:

  • Medicare Counseling
  • Benefits Check-up
  • Wellness and Lifelong Learning
  • Long-Term Care Options Counseling
  • Caregiver Support Services,
  • Assisting Technology & Tools
  • Food Services

For more information on financial elder abuse and how you can prevent it, check out Maine Council for Elder Abuse Prevention.

We are also offering a FREE, one-hour workshop “Preventing Elder Financial Exploitation.” Click here to learn more or register today!

As always, if you have any concerns about your cPort account transactions, feel free to contact us at 1-800-464-0253 or [email protected].

2 Comments

  1. Deborah Gagne on March 26, 2017 at 9:37 pm

    Am pleased you have information about this important issue on your website, but I have a question.

    How does your bank actively help a family member without Power of attorney if they suspect ( pre or post death) the financial exploitation of an elderly parent?



    • Chelsea Lugiano on March 31, 2017 at 11:03 am

      Thanks for the question, Deborah! Check out our Financial Education Workshop on Preventing Elder Abuse and come learn for yourself!