Safeguarding Seniors & Vulnerable People: Practical Steps to Fight Financial Abuse

The discussion covered various threats, including fraudulent wills where someone convinces an elder to sign a bogus document, and “Early Inheritance Syndrome” where family members try to manipulate assets to avoid care costs.

How to Protect Vulnerable People

• Operation Signature: A police program offering advice and resources to protect vulnerable adults, including call blocker devices and money management tools.
• Phone Scams: These scams involve gaining the trust of the elderly person over the phone and then tricking them into sending money.
• Email Scams: These scams involve sending emails that appear to be from a legitimate source, such as a family member or bank, and tricking the person into clicking a malicious link or providing personal information.
• Postal Scams: These scams involve sending letters or packages that promise a reward or threaten consequences if the person doesn’t send money.

Warning signs include unusual bank transactions, changes to account signatories, or unexplained missing money or valuables.

Recommendations

• Use a carer’s card to monitor spending.
• Never click on links in unsolicited emails.
• Be wary of unexpected calls or emails, even if they appear to be from someone you know.
• Check bank statements regularly for unusual activity.
• Consider using specialist software to monitor bank accounts.
• Report suspected fraud to social services and the police.

The conversation highlighted the need for stronger legislation. Current UK laws may not sufficiently deter perpetrators or secure justice for victims. Ideally, legislation would include criminal penalties and civil procedures for victims to recover stolen funds. California’s model, classifying elder abuse as a hate crime and offering civil remedies, presents a potential solution.

Challenges and Hope for the Future

• Police forces are under-resourced and may not prioritise investigating elder fraud cases.
• Victims may be embarrassed to come forward or may not believe they will get justice.
• There is a need for increased public awareness and education about elder fraud.
• Stronger legislation and more resources for law enforcement could help to reduce elder fraud.

Prevention is key in protecting vulnerable people from elder fraud. By being aware of the different scams and taking steps to safeguard finances, families and caregivers can help to keep their loved ones safe.

If you are concerned about elder fraud, Paul recommends contacting the following organisations:

Action on Elder Abuse (now Hourglass): https://wearehourglass.org/

Age UK: https://www.ageuk.org.uk/

Paul Smith Consultancy: www.paulsmithconsultancy.com