financial exploitation

What is financial exploitation?  The improper use of an elder’s funds, property or assets constitutes financial exploitation or abuse.  An exploiter can be an individual, an institution, or even someone who has power of attorney for the elder.   By far, the greatest number of elder abuse cases involves some type of financial exploitation.

If financial exploitation is suspected, seek legal advice or contact Adult Protective Services in the county where the suspected abuse has occurred  (APS will be located within the social or human services department).

The following websites provide information about financial exploitation, frauds and scams directed at seniors.

Colorado

Colorado Resources

AARP ElderWatch
www.aarpelderwatch.org
Phone:  1-800-222-4444
AARP ElderWatch is a joint project of the Colorado Attorney General’s Office and the AARP Foundation.  Other partners include the Better Business Bureaus serving Colorado and the County Sheriffs of Colorado, Inc.  AARP ElderWatch is designed to operate as a clearinghouse for complaints, educational information, and training materials dealing with the financial exploitation of elderly Coloradoans.

Colorado Bureau of Investigation
24 hour ID Theft Hotline
1-855-443-3849
Support and assistance is available to victims of Identity Theft and Fraud 24 hours a day through a toll free hotline.  Se habla espanol.

Colorado Division of Securities
www.dora.state.co.us/securities
A division of the Colorado Department of Regulatory Affairs, this site provides information for investors to assist them in making sound and reasoned investment decisions.

Colorado Legal Services
www.coloradolegalservices.org
303-837-1313
Provides legal representation and advice in civil legal matters such as housing, public benefits, welfare, social security, mental health, and elder law.  Also provides a list of self-help resources on legal topics.  You must apply for representation.

Colorado Office of the Attorney General
www.coloradoattorneygeneral.gov
The Consumer Protection Section offers resources for older consumers with legal information regarding businesses, credit, lending, debt collection, mortgages as well as information about scams, frauds, and identity theft.
For "prior consent to release financial information", search for "financial exploitation form".

National

National Resources

Consumer Financial Protection Bureau
www.consumerfinance.gov
This new federal bureau ensures that consumers get the information they need to make the financial decisions that are best for themselves and their families, such as selecting a mortgage or credit card.  This site also provides information and forms for filing complaints against a financial institution.

Federal Bureau of Investigation
www.fbi.gov/scams-safety/fraud/seniors
The Consumer Fraud Schemes webpage provides tips to protect seniors from fraud.  An extensive list of common frauds and how to identify and avoid them is also featured.

Federal Trade Commission
www.ftc.gov
The Commission’s Bureau of Consumer Protection works to protect consumers against unfair, deceptive or fraudulent practices in the marketplace.

FINRA Investor Education Foundation (Financial Industry Regulatory Authority)
www.finrafoundation.org
Provides underserved Americans with the knowledge, skills and tools necessary for financial success throughout life.

SaveAndInvest.org
www.saveandinvest.org
This site (sponsored by FINRA) is a good resource with free, unbiased information for military families and older investors.