Preventing Financial Exploitation Preventing Financial Exploitation ofof

Seniors and Disabled Adults Seniors and Disabled Adults in Missouriin Missouri

Missouri Department of Health and Senior Services Division of Senior and Disability Services

MissouriansMissourians Stopping Stopping AdultAdult FinancialFinancial ExploitationExploitation

MissouriansMissourians Stopping Stopping AdultAdult FinancialFinancial ExploitationExploitation

What Is What Is MOSAFE?MOSAFE?What Is What Is

MOSAFE?MOSAFE?

AARP AARP Missouri Alliance of Area Agencies on AgingMissouri Alliance of Area Agencies on Aging Missouri Association of Public Missouri Association of Public

AdministratorsAdministrators Missouri Bankers AssociationMissouri Bankers Association Missouri Credit Union AssociationMissouri Credit Union Association Missouri Independent Bankers AssociationMissouri Independent Bankers Association Missouri Police Chiefs AssociationMissouri Police Chiefs Association Missouri Sheriffs’ AssociationMissouri Sheriffs’ Association Office of the Attorney GeneralOffice of the Attorney General Office of the Lieutenant GovernorOffice of the Lieutenant Governor

AARP AARP Missouri Alliance of Area Agencies on AgingMissouri Alliance of Area Agencies on Aging Missouri Association of Public Missouri Association of Public

AdministratorsAdministrators Missouri Bankers AssociationMissouri Bankers Association Missouri Credit Union AssociationMissouri Credit Union Association Missouri Independent Bankers AssociationMissouri Independent Bankers Association Missouri Police Chiefs AssociationMissouri Police Chiefs Association Missouri Sheriffs’ AssociationMissouri Sheriffs’ Association Office of the Attorney GeneralOffice of the Attorney General Office of the Lieutenant GovernorOffice of the Lieutenant Governor

MOSAFE MOSAFE PartnersPartnersMOSAFE MOSAFE PartnersPartners

Stop attempted or ongoing Stop attempted or ongoing financial exploitation before financial exploitation before funds are exhaustedfunds are exhausted

Train employees of financial Train employees of financial institutions on how to detect & institutions on how to detect & reportreport

Educate consumers & the general Educate consumers & the general public that this is a crimepublic that this is a crime

Stop attempted or ongoing Stop attempted or ongoing financial exploitation before financial exploitation before funds are exhaustedfunds are exhausted

Train employees of financial Train employees of financial institutions on how to detect & institutions on how to detect & reportreport

Educate consumers & the general Educate consumers & the general public that this is a crimepublic that this is a crime

Goals of Goals of MOSAFEMOSAFEGoals of Goals of MOSAFEMOSAFE

The illegal use of a senior The illegal use of a senior or disabled adult’s resources or disabled adult’s resources for another person’s gain or for another person’s gain or

profit.profit.

( 570.145, RSMo )( 570.145, RSMo )

The illegal use of a senior The illegal use of a senior or disabled adult’s resources or disabled adult’s resources for another person’s gain or for another person’s gain or

profit.profit.

( 570.145, RSMo )( 570.145, RSMo )

What Is Financial What Is Financial Exploitation?Exploitation?

What Is Financial What Is Financial Exploitation?Exploitation?

ExamplesExamplesExploitation occurs when:Exploitation occurs when:

A senior or disabled adult is A senior or disabled adult is being charged excessive fees for being charged excessive fees for rent or services.rent or services.

Money or property is stolen by Money or property is stolen by someone in a position of trust.someone in a position of trust.

ExamplesExamplesExploitation occurs when:Exploitation occurs when:

Money or property is obtained by Money or property is obtained by undue influence, fraud, or undue influence, fraud, or misrepresentation.misrepresentation.

A senior or disabled adult’s checks A senior or disabled adult’s checks are forged or sare forged or someone uses a omeone uses a senior or disabled adult’s ATM senior or disabled adult’s ATM without consent.without consent.

ExamplesExamplesExploitation occurs when:Exploitation occurs when:

Someone such as a Power of Someone such as a Power of Attorney mismanages the senior or Attorney mismanages the senior or disabled adult’s income or assets.disabled adult’s income or assets.

A senior or disabled adult’s money A senior or disabled adult’s money is used in any way that does not is used in any way that does not benefit the senior or disabled adult.benefit the senior or disabled adult.

The Law Applies ToThe Law Applies ToMissourians Who Are:Missourians Who Are:

60 years and older60 years and older

OROR18-59 with mental or physical 18-59 with mental or physical

disabilitydisability

Why MOSAFE Is Why MOSAFE Is Needed?Needed?

Nationally, the percentage of Nationally, the percentage of seniors tripled during the past seniors tripled during the past century.century.

Number of MO seniors will more Number of MO seniors will more than double in next 25 years.than double in next 25 years.

Why MOSAFE Is Why MOSAFE Is Needed?Needed?

Seniors become prime targets as the Seniors become prime targets as the majority of spending power lies with majority of spending power lies with them.them.

In FY’07, the Department received In FY’07, the Department received 4,319 reports alleging exploitation… 4,319 reports alleging exploitation… more than twice the number more than twice the number received in FY’05 when MOSAFE received in FY’05 when MOSAFE first began.first began.

Tends to be isolated, socially or Tends to be isolated, socially or physically. physically.

Not necessarily wealthy.Not necessarily wealthy.

May be competent, but have May be competent, but have trouble making reasoned trouble making reasoned decisions regarding finances.decisions regarding finances.

Tends to be isolated, socially or Tends to be isolated, socially or physically. physically.

Not necessarily wealthy.Not necessarily wealthy.

May be competent, but have May be competent, but have trouble making reasoned trouble making reasoned decisions regarding finances.decisions regarding finances.

Victim Victim CharacteristicsCharacteristics

Victim Victim CharacteristicsCharacteristics

Victim Victim CharacteristicsCharacteristics

May be dependent on the May be dependent on the perpetrator.perpetrator.

May suffer from more than one May suffer from more than one type of abuse or neglect.type of abuse or neglect.

May be reluctant to admit that his May be reluctant to admit that his or her loved one is an abuser.or her loved one is an abuser.

May be afraid to report abuse due May be afraid to report abuse due to fear or further abuse, loss of to fear or further abuse, loss of independence, or abandonment.independence, or abandonment.

May be reluctant to admit that his May be reluctant to admit that his or her loved one is an abuser.or her loved one is an abuser.

May be afraid to report abuse due May be afraid to report abuse due to fear or further abuse, loss of to fear or further abuse, loss of independence, or abandonment.independence, or abandonment.

Victim Victim CharacteristicsCharacteristics

Victim Victim CharacteristicsCharacteristics

Two Types of Two Types of ExploitersExploiters

People unknown to the senior; People unknown to the senior; i.e.. scam artists.i.e.. scam artists.

People known to the senior; i.e. People known to the senior; i.e. family members, acquaintances, family members, acquaintances, and/or fiduciaries.and/or fiduciaries.

Has close access to the senior or Has close access to the senior or disabled adult.disabled adult.

Tends to be a younger adult Tends to be a younger adult male.male.

Tends to be a relative, especially Tends to be a relative, especially an adult child.an adult child.

Has close access to the senior or Has close access to the senior or disabled adult.disabled adult.

Tends to be a younger adult Tends to be a younger adult male.male.

Tends to be a relative, especially Tends to be a relative, especially an adult child.an adult child.

Perpetrator Perpetrator CharacteristicsCharacteristics

Perpetrator Perpetrator CharacteristicsCharacteristics

Possible Possible PerpetratorsPerpetrators Family memberFamily member Caregiver, could Caregiver, could

be a relative or be a relative or someone hired someone hired as a caregiveras a caregiver

Independent Independent home repair home repair contractorcontractor

NeighborNeighbor

Medical Medical professional - professional - home service home service provider, nurse provider, nurse or aideor aide

Door-to-door Door-to-door salesmansalesman

Insurance agentInsurance agent

Any Person, Any Person, Male or Female, Male or Female,

From Any From Any Walk of Life Walk of Life

Could Exploit You.Could Exploit You.

How Does This How Does This Happen?Happen?

A Senior or Disabled A Senior or Disabled Adult Needs Assistance Adult Needs Assistance

So They May:So They May: Seek advise on financial matters;Seek advise on financial matters;

Assign someone as Power of Assign someone as Power of Attorney; or,Attorney; or,

Place someone on their bank Place someone on their bank accounts.accounts.

Financial Financial AdvisorsAdvisorsBefore doing business with or giving any Before doing business with or giving any

financial information to a broker or financial information to a broker or investment advisor…investment advisor…

Check with your state securities Check with your state securities regulator for information on brokers regulator for information on brokers & brokerage firms.& brokerage firms.

Check all credentials…visit Check all credentials…visit Investment Advisor Public Disclosure Investment Advisor Public Disclosure website.website.

www.adviserinfo.sec.gov/IAPD/Content/IapdMain/iapd_SiteMap.aspx

Power of AttorneyPower of Attorney(POA) (POA)

A Power of Attorney gives A Power of Attorney gives another individual the right to another individual the right to “act as if they were you” … as “act as if they were you” … as

your “attorney in fact”.your “attorney in fact”.

Pros & Cons of a Pros & Cons of a POAPOA

ProsPros Convenient legal Convenient legal

means to plan for means to plan for future assistance.future assistance.

Readily available Readily available & executed & executed easily.easily.

Emergency Emergency access to money access to money or propertyor property

ConsCons Little or no Little or no

oversight or oversight or accountability.accountability.

Provides Provides unlimited access unlimited access to money or to money or property.property.

SafeguardsSafeguardsMake sure the Power of Make sure the Power of Attorney stipulates…Attorney stipulates…

Only transactions benefiting the Only transactions benefiting the senior or disabled adult can be senior or disabled adult can be conducted.conducted.

The senior or disabled adult’s money The senior or disabled adult’s money cannot be used for anyone or anything cannot be used for anyone or anything except the senior or disabled adultexcept the senior or disabled adult..

SafeguardsSafeguardsMake sure the Power of Make sure the Power of Attorney stipulates…Attorney stipulates…

A mandatory accounting of any & all A mandatory accounting of any & all transactions.transactions.

That the person authorized to be the That the person authorized to be the POA understands the responsibilities POA understands the responsibilities & that violation of the POA could & that violation of the POA could result in criminal prosecution for result in criminal prosecution for exploitation or theft.exploitation or theft.

Joint Bank Joint Bank AccountsAccounts

These are governed by the These are governed by the banking industry’s rules & banking industry’s rules & regulations. However, it is regulations. However, it is

generally agreed, that when a generally agreed, that when a person is on a joint account & person is on a joint account & takes out all of the money, no takes out all of the money, no

crime has occurred. crime has occurred.

Reporting Reporting Financial Financial

ExploitationExploitation

Who Do I Call?Who Do I Call?Missouri Missouri

Department of Health and Senior ServicesDepartment of Health and Senior Services

Elder Abuse HotlineElder Abuse Hotline

1-800-392-02101-800-392-0210

Department of Health Department of Health & Senior Services& Senior Services

Maintains the Elder Abuse & Neglect Maintains the Elder Abuse & Neglect HotlineHotline

Mandated to investigate reports of abuse, Mandated to investigate reports of abuse, neglect & financial exploitation statewideneglect & financial exploitation statewide

Provides Adult Protective Services to Provides Adult Protective Services to seniors & disabled adults, including seniors & disabled adults, including assistance with obtaining needed assistance with obtaining needed resourcesresources

For violations of the Missouri For violations of the Missouri consumer fraud law…call the consumer fraud law…call the

Attorney General’s Attorney General’s

Consumer Protection HotlineConsumer Protection Hotline

1-800-392-82221-800-392-8222 oror

www.consumer.ago.mo.gov

What Can You What Can You Do?Do?

Get specific informationGet specific information– Names, dates, timesNames, dates, times

Tell what you saw or heardTell what you saw or heard– Help the department Help the department understand the situation as understand the situation as you witnessed it.you witnessed it.

Ways to Protect Ways to Protect YourselfYourself

Don’t Open Don’t Open the Door to the Door to Strangers.Strangers.

Watch Out for People Watch Out for People Who Appear at Your Who Appear at Your

Door & Tell You Door & Tell You Work Needs to be Work Needs to be

Done.Done.

Watch Out for People Watch Out for People Who Appear at Your Who Appear at Your

Door & Tell You Door & Tell You Work Needs to be Work Needs to be

Done.Done.

Seek Legal Advice Seek Legal Advice Before Signing Before Signing

Contracts or Powers Contracts or Powers of Attorney.of Attorney.

For a comprehensive listing of For a comprehensive listing of the state-wide resources the state-wide resources

available to help older persons available to help older persons with law-related issues, check with law-related issues, check

this link:this link:

www.abanet.org/aging/resources/docs/Missouri07.

pdf

Be Careful About Be Careful About Responding to Responding to

Advertisements or Advertisements or Telephone Calls Telephone Calls from Solicitors.from Solicitors.

To Check on a Charity To Check on a Charity That Has Solicited That Has Solicited

You…Use the Attorney You…Use the Attorney General’s WebsiteGeneral’s Website

www.ago.mo.gov/checkacharity

Don’t Sign Don’t Sign Blank ChecksBlank Checks

Use Caution When Use Caution When Cosigning Loans Cosigning Loans

or Offering to or Offering to Guarantee a Loan.Guarantee a Loan.

Everyone is Allowed One Free Everyone is Allowed One Free Credit Report Each Year.Credit Report Each Year.

TThe only site that allows a he only site that allows a FREE credit report is ….FREE credit report is ….

OrOr You Can CallYou Can Call

1-877-322-82281-877-322-8228

www.annualcreditreport.com

More TipsMore Tips Keep an inventory of all jewelry.Keep an inventory of all jewelry.

Shred blank checks mailed with Shred blank checks mailed with credit card statements & other credit card statements & other identifying mail.identifying mail.

Never leave outgoing mail in box Never leave outgoing mail in box where it can be stolen.where it can be stolen.

Other Other TipsTips

Never do business with Never do business with unlicensed contractors. unlicensed contractors.

Get caller ID.Get caller ID.

Have a trusted friend or relative Have a trusted friend or relative receive duplicate copies of receive duplicate copies of financial statements.financial statements.

Don’t Allow Don’t Allow Yourself to Yourself to

Become a Victim Become a Victim of Financial of Financial Exploitation.Exploitation.