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Arkansas Securities Department gives tips on dealing with elder abuse

June is Elder Abuse Awareness Month, and the Arkansas Securities Department is reminding...
June is Elder Abuse Awareness Month, and the Arkansas Securities Department is reminding everyone to be aware of the signs of elder abuse.((Source: Pablo))
Published: Jun. 16, 2022 at 7:26 PM CDT
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LITTLE ROCK, Ark. (KAIT) – June is Elder Abuse Awareness Month, and the Arkansas Securities Department is reminding everyone to be aware of the signs of elder abuse.

“Arkansas’s seniors are a very valuable resource, and they should be protected,” ASD Interim Commissioner Campbell McLaurin said. “We would like to emphasize the significance of protecting the financial independence and dignity of our seniors. One way to help combat elder financial abuse is to establish a trusted contact for all financial accounts.”

The department said a trusted contact may be a family member, attorney, accountant, or someone who respects the privacy of the account holder. They added the trusted contact does not have access to the accounts to do transactions or act on the account holder’s behalf.

According to the Department of Justice, red flags of financial abuse may include:

  • Sudden changes in bank accounts or banking practices, including an unexplained withdrawal of large sums of money.
  • The inclusion of additional names on an older adult’s bank signature card.
  • Unauthorized withdrawal of the older adult’s fundings using ATM card.
  • Abrupt changes in a will or other financial documents.
  • Unexplained disappearance of funds or valuable possessions.
  • Provision of substandard care of bills left unpaid despite adequate financial resources.
  • Discovery of a forged signature for financial transactions or for the titles of the older adult’s possessions.
  • Sudden appearance of previously uninvolved relatives claiming their rights to an older adult’s property or possessions.
  • Unexplained sudden transfer of assets to a family member or someone outside the family.
  • The provision of services that are not necessary.
  • An older adult’s report of financial exploitation.

If you are suspicious of any possible senior financial exploitation, contact the Arkansas Securities Department at 800-981-4429.

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