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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