Get the facts about elder financial abuse
Elder financial abuse is a form of fraud, and it's a growing problem. That's why Allianz is committed to educating financial professionals, our employees, and our community.
- Specify a designated financial authority for your Allianz contracts/policies.
- Consult a licensed financial advisor or attorney before signing complex documents.
- Build relationships with financial professionals who can watch for suspicious activity.
- Limit your use of cash. (Checks and credit cards leave a paper trail.)
- Trust your instincts. If you feel uneasy about a financial transaction, take time to reconsider it.
- Be wary of scams. You can learn about illegal schemes with the Better Business Bureau’s Scam Tracker.
- Execution of financial transactions the elder doesn’t fully understand
- Unusual banking activity, such as large or frequent withdrawals
- Suddenly overdrawing bank accounts
- Missing bank statements
- Altered legal or financial documents (e.g., changes to life insurance beneficiary)
- Spending money on or giving loans to a new “best friend”
- Sudden, excessive preoccupation with policy/contract values
- Requesting beneficiary changes without explanation
- Liquidating assets in spite of penalties (e.g., cashing out an annuity)
- Nervousness or agitation when discussing financial matters
- Unusually large, frequent, or urgent requests for withdrawals
- Adding a third party (friend or relative) as a co-owner
The 2016 Safeguarding Our Seniors Study was conducted in August 2016 with 1,000 panel respondents age 18 – 64 who were either actively providing care for a nonspousal elder age 65+, or could be in a position to provide such care within the next five years.