By Quentin Fottrell

“The neighbor is having a party and – there you go!” – there is no vehicle’

Dear Quentin,

If an elderly person is preyed upon by a neighbor, is there any recourse? My grandmother loaned her next door neighbor $6,000 to help him “buy a car.” My grandmother didn’t want me to know, but the gardener spoke.

There were no refunds of any kind. The neighbor is having a party and – lo and behold! – and there is no vehicle! My grandmother may or may not be at her peak, but she insists on living alone. Is there a way to protect her from this neighbor or other predators?

It turns out that she has been filling the house with money for many years. What stops someone from coming in and making withdrawals? Any advice on how to best plug the leak?

Little girl

Related: I Inherited $200,000. One of my daughters is married and has children, but the other has debt. Should I split my windfall 50/50?

Dear granddaughter,

Garden fences sometimes need to be higher, or even much higher.

You can do a lot of things. Call your grandmother’s bank and alert them of any unusual transactions, do a deep cleaning of her house so you can go through the piles of money, and ask to be guardian/conservator and/or power of attorney for her medical affairs and financial.

After obtaining legal permission, freeze her credit at Experian (EXPGY), TransUnion (TRU), and Equifax (EFX), so that neighbor from hell can’t open an account or withdraw a credit card in her name . Keep your grandmother’s documents, including her Social Security number, in a safe place.

The National Careline offers, among other organizations, advice on next steps, including contacting the local council and reporting the problem to local adult protective services, the district attorney’s office and/or the police or sheriff’s office . Find your local APS here.

“If your loved one has a social worker, elderly patient advocate, or someone in a similar role, consider asking that person for help,” according to this advice from the Consumer Financial Protection Bureau. There may also be a family council in your grandmother’s community.

Some states have laws to help survivors of financial abuse file suit in civil court to recover lost funds, the CFPB says. You may also be able to temporarily freeze your mother’s bank accounts. You can also seek a “restraining order” or “protection order” in civil court.

Bravo to the gardener for throwing out this neighbor who sees your grandmother as an ATM to finance her lifestyle. The community is very important in these kinds of cases: gardeners, cleaners, friends, hairdressers – anyone who might notice something untoward.

Who are the predators?

It may seem unthinkable, but neighbors, friends, family members, and even caregivers are among the most common perpetrators of financial elder abuse. Such crimes cost seniors as much as $28 billion a year, researchers say, although official estimates do not necessarily reflect the true cost.

“Isolation is a red flag, and many studies of elder abuse indicate that the absence of a good support system and physical and psychological isolation are hallmarks of the problem,” according to National Adult Protective Services Association. But as you discovered, it can also happen in plain sight.

Generally, if you suspect someone of abuse – emotional, physical, psychological or financial – you should report them to Adult Protective Services or call 911 and report them to local law enforcement authorities or the your attorney’s office.

The National Center on Elder Abuse, a government agency affiliated with the U.S. Administration on Aging, says that one in ten people over the age of 60 in the United States experienced some form of abuse in the past year. . Research still lags behind new forms of financial abuse.

There are, however, warning signs to watch out for. Financial signs of elder abuse include fraudulent signatures on documents, overdue bills and “unusual or sudden changes in spending habits, wills or other financial documents,” according to the National Council on Aging, a non-profit organization.

You can use IdentityTheft.gov to report identity theft and get a recovery plan. It is managed by the Federal Trade Commission. You can also call 1-877-IDTHEFT (1-877-438-4338); Telecommunications device for the deaf: 1-866-653-4261.

The Moneyist regrets not being able to answer the questions individually.

Previous columns by Quentin Fottrell:

“He was recently taken to the hospital”: my elderly neighbor gave me power of attorney. Can his ex-daughter object?

“Punishing myself wouldn’t help”: My credit card was stolen – the thief revealed a lot of unpleasant surprises about my finances

“We had our ups and downs”: my late in-laws left their estate to me, my husband and our son. Should we hire a lawyer?

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-Quentin Fottrell

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