California Seniors / Fraud & Scams / Financial Abuse

Financial Abuse

The need for senior fraud awareness and prevention has become greater than ever. Seniors are often easy targets for fraud, whether it's for fraudulent sweepstakes prizes or too-good-to-be-true investment returns. Fraud can happen by phone, mail, online, and in person. Fraud can happen to wealthy seniors, and to those of limited means and on fixed incomes. Although anyone can commit senior fraud, the Los Angeles branch of Adult Protective Services reports that about 90% of their cases involve allegations that a family member has financially abused an elder. Education and awareness are the first steps to help protect seniors from becoming a victim of crime and fraud.


 

GENERAL INFORMATION:

The Department of Business Oversight brochure, "Seniors Against Investment Fraud", can help you make informed decisions about investments and finances.

Read the FDIC Consumer Alerts, which report how each year millions of senior citizens are victimized by financial fraud or theft of money, property or valuable personal information.

Learn more about elder financial exploitation by reading Consumer Financial Protection Bureau's guide "Money Smart for Older Adults".

If you have been named an agent and have the power to make decisions about money and property for someone, the guide "Managing Someone Else's Money" has brief tips to help you avoid problems and resources for finding more information.

To equip assisted living and nursing facility staff with the know-how to prevent and spot the warning signs of elder financial abuse, the Consumer Financial Protection Bureau has released a guide to protecting residents from financial exploitation.

 

PREVENTING AND REPORTING FRAUD:

Learn how the Department of Business Oversight list of publications can provide help from becoming a victim of abuse.

More information on preventing and reporting elder financial abuse can be found from the Department of Business Oversight.

How to take steps to protect yourself from financial exploitation and abuse

 

EDUCATIONAL EVENTS:

The Department of Business Oversight Education and Outreach program hosts events to help educate Californians in protecting themselves from investment and financial fraud.

 

MEDICARE FRAUD:

Senior Medicare Patrol (SMP) helps Medicare and Medicaid beneficiaries avoid, detect, and report health care fraud.

 

MEDI-CAL FRAUD:

How to report suspected Medi-Cal fraud or elder abuse to the Department of Justice.