Which term denotes illegal use of an older adult's assets?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

The illegal use of an older adult’s assets is described as elder financial abuse. This term specifically covers situations where someone improperly or unlawfully uses the elder’s money or property—think unauthorized withdrawals, forged signatures, coercion to transfer assets, or misuse of power of attorney. It’s the precise label used in protections for seniors and financial crime contexts to denote illegal manipulation of someone’s funds.

Elder scams refer to fraudulent schemes aimed at deceiving the elder into giving money, which is related but not the act of misusing assets themselves. Elder theft isn’t a standardized term and doesn’t capture the broader range of illegal financial conduct. Elder exploitation is a wider concept that can include non-financial abuse as well as financial manipulation, whereas financial abuse specifically targets the financial assets.