Financial abuse occurs when an individual in a position of power extracts funds or other resources to a degree where it negatively impacts the abused person’s financial stability. It can also occur when an older adult is coerced by a loved one to provide funds by exerting fear or shame.
Financial abuse is the most common form of adult abuse in seniors, older adults, and vulnerable adults.
Financial abuse often takes place simultaneously with other forms of abuse, like psychological abuse, and is frequently committed by someone the abused person knows, like a friend, family member or caregiver. Having a network of support is key both to preventing and identifying financial abuse. (Source: Government of Canada)
The Canadian Anti-Fraud Centre (CAFC) collects information on fraud and identity theft. The CAFC provide information on past and current scams affecting Canadians. Many older adults are more vulnerable to fraud. If you think you’re a victim of fraud, report it! We help citizens and businesses report fraud, learn about different types of fraud, recognize the warning signs of fraud and protect themselves from fraud. We also provide information to law enforcement and governments in Canada and around the world. Our goals include disrupting crime, strengthening partnerships between private and public sectors and maintaining Canada’s economy. Fraud: Recognize, Reject and Report. To learn more about the fraud, explore the CAFC website.
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