The elderly are a very vulnerable sector of the population. When they can no longer care for themselves, they are especially at risk of financial exploitation by their caregivers.
It’s hard to make the decision to have your loved one’s needs provided for them by a total stranger. Some people choose private sitters instead of going through an agency. A private sitter may be a friend, relative or an acquaintance. It seems like the best choice. But here’s how it could go wrong.
They are not bound by any agency rules
Care agencies vet all their employees, making sure that background checks have been run, and the employees have passed drug screens. You can also do the same with a private sitter to vet them.
Red flags that should send up alarms
Financial abuse by a caregiver can be very subtle. The caregiver might speak admiringly of a valuable item, mentioning how much they like it. When the caregiver has overstepped boundaries to benefit themselves, it’s time for a reckoning.
Below are some other red flags of which you should be aware:
- Financial irregularities or discrepancies – Unusual activities on their accounts, e.g., payments made to unknown accounts.
- Money transfers to phone apps – If your loved one is suddenly making money transfers to Venmo, Cash App or PayPal, investigate why.
- Caregiver accepting expensive gifts – There’s nothing wrong with giving a caregiver a thoughtful token gift on birthdays, holidays or even randomly to show your appreciation for what they do. But if your loved one still has financial control, they could wind up agreeing to co-sign for a car or mortgage.
Stay on top of things
Visit your loved one often and randomly drop in to see them. With their permission, set up a camera monitoring system where you can see what’s happening if they are aging in place. If you suspect something is awry, you can get help to pursue justice.
Stay vigilant for signs of financial abuse and fraud in hired caregivers to protect against potential abuse and ensure trustworthy care.