Puerto Rico Sees Rise in Financial Exploitation of Elderly, Authorities Warn

A disturbing trend has been observed in Puerto Rico: a significant increase in financial exploitation of elderly adults. The authorities are sounding the alarm, urging families and caregivers to be vigilant for signs of abuse.

What is Financial Exploitation?

Financial exploitation is defined as the improper use of an elderly person’s funds, property, or resources by another individual. This type of abuse can occur due to various factors, including:

Factors Contributing to Financial Exploitation

• Financial struggles among victims’ children
• Substance abuse by close family members
• Health conditions that limit mental capacity
• Isolation and loneliness
• Family members with addiction problems
• Physical or mental disability
• Lack of financial skills

Indicators of Financial Exploitation

Act No. 121-1986 defines financial exploitation as the misuse of an elderly person’s funds, property, or resources. The law outlines several indicators of financial exploitation, including:

Warning Signs

• Sudden or atypical significant reduction in savings or checking account balances
• Withdrawal of certificate of deposit funds before maturity date
• Direct debit payments to third-party accounts
• Victim’s needs not being met despite financial resources

Prevention and Protection

To prevent financial exploitation, authorities recommend:

Best Practices

1. Identify and carefully select trusted individuals to manage financial matters
2. Protect sensitive documents by keeping them in a safe place
3. Do not share social security numbers or ATM pin numbers

Consequences of Financial Exploitation

Those who engage in financial exploitation can face serious penalties under Act No. 146-2012. Offenders can be charged with a misdemeanor or felony, depending on the value of funds involved, and may also be ordered to pay restitution.

Laws Protecting Older Adults

Several laws protect older adults from financial exploitation in Puerto Rico, including:

Key Laws

• Act No. 121-1986
• Act No. 206-2008

These laws require financial institutions, cooperatives, and insurance companies to establish prevention and detection protocols for suspected cases of financial exploitation.

Reporting Suspected Cases

If you suspect or know of a situation of abuse in the form of financial exploitation, authorities urge you to report it immediately. You can:

Report Abuse

• Call the Department of Family Affairs at 1-800-981-8333 or 787-749-1333
• Contact the Social Emergency Hotline at 787-977-8022 or 1-888-359-7777

Take Action

Don’t wait – report financial exploitation and help protect vulnerable older adults in Puerto Rico.