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Preventing Financial Exploitation of Adults
How Adult Protective Services and Financial Institutions Can Work Together
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Exploitation
Section 63.2 of the Code of Virginia defines exploitation as:
●Illegal use of an incapacitated adult or his resources for another’s profit or advantage
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Financial Exploitation
Mishandling, fraud or theft of income, money, accounts, assets, or property
Accomplished by means of trickery, intimidation, or coercion
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Statistics about Financial Exploitation
► Nationally only 1 in 25 cases of financial exploitation are reported*
► In state fiscal year 2009, Virginia Adult Protective Services
workers substantiated 756 cases of financial exploitation
*Source: National Center on Elder Abuse
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Indicators of Financial Exploitation
Missing documents Suspicious activity on credit
cards Forged or suspicious
signature(s) on documents Changes to financial documents, particularly
if the adult is confused or the documents favor a new acquaintance
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Indicators of Financial Exploitation
Erratic, unusual, or uncharacteristic financial activity or activity that is inconsistent with the adult’s ability
New acquaintances, particularly those who take up residence with the adult
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Indicators of Financial Exploitation
A power of attorney is executed by a confused adult
Redirected mail Failure to receive services that have
been paid for Overcharged for services
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The Financial Exploitation Victim
May:May: Give implausible explanations about what
he/she is doing with his/her money Be unaware of his/her financial
arrangements Be hesitant to discuss financial matters Be concerned about “missing” funds in
his/her account
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The Financial Exploitation Victim
May:May: Be prohibited from speaking to others
or making financial decisions Be coerced into withdrawing large
amounts of cash or making other transactions
Be nervous or afraid of the person accompanying him or her
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The Exploiter
May live with the adult May be unemployed May be present during financial
transactions Speaks for the adult; doesn’t let him or
her answer
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The Exploiter
Expresses excessive concern about costs or expenses
Isolates the adult
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Financial Institutions
Virginia law (§ 63.2-1606) states that an employee of a financial institution (bank, savings institution, credit union, securities firm or insurance company) may report suspected financial exploitation to the local department of social services or the 24-hour, toll-free APS hotline
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What Can Financial Institutions do to Prevent Financial Exploitation?
Learn the reasons for large transactions, frequent withdrawals, and changes in beneficiaries
Check authorizations and documentation for others to act on an adult’s behalf
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Preventing Financial Exploitation
If exploitation is suspected, discuss with a supervisor. Review history and transaction patterns. Determine if the transactions should be processed, stopped, or reported
If possible, separate the adult from any companion so that a private conversation can be held with the adult
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Preventing Financial Exploitation
Contact Adult Protective Services (APS) if you are concerned about suspected financial exploitation
Virginia law provides civil and criminal immunity to anyone who makes an APS report in good faith
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Adult Protective Services (APS)
The APS social workers at the local department of social services are responsible for investigating reports of abuse, neglect, and exploitation of individuals age 60 and older and individuals age 18-59 who are incapacitated
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APS Response
Investigate the report Collaborate with regulatory agencies or law
enforcement on the investigation Make a determination if adult needs
protective services If services are accepted, provide services to
stop exploitation and prevent further exploitation
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APS Response
Assist with financial management
Link the adult to other support services
May pursue guardianship
or conservatorship
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Partnering to Stop Financial Exploitation
APS workers can provide educational information about financial exploitation to community partners
Get to know the APS social workers at your local department of social services before financial exploitation occurs
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Report Financial Exploitation
Contact the APS unit at your local department of social services or call the 24-hour, toll-free APS hotline at
1-888-832-3858
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