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How to Protect Your Loved Ones from Elder Financial Exploitation

June is Elder Abuse Awareness Month, and older adults can be particularly at risk for targeted fraud and financial exploitation. A recent report by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identified 155,415 reports of suspected elder financial exploitation, totaling $27 billion between June 2022 and June 2023. Scammers often target seniors because of their accumulated wealth, potential isolation and sometimes diminished ability to recognize scams. Their lifetime of hard work and savings can make them attractive targets for those with dishonest intentions. But by understanding the risks and assisting them in taking preventative steps, you can help guard the elderly in your life from exploitation. Here, we highlight common scams and ways to protect older loved ones from financial harm. 

What is elder financial exploitation?

Elder financial exploitation (EFE) involves the misuse of seniors’ money, property or financial resources for personal gain. This includes both financial abuse, which is committed by someone the senior knows, and financial fraud, which is committed by strangers. Perpetrators of financial exploitation wield various tactics including charm, lies and threats with a single purpose in mind: taking money from older adults. These schemes can cause serious financial damage while also inflicting emotional distress or even physical harm. 

Financial exploitation can come from unexpected sources. Family members or caregivers might abuse their position of trust, friends could take advantage of long relationships, strangers might run sophisticated scams and professional advisors could misuse their authority. This wide range of potential scenarios makes it particularly important to stay vigilant.

Common scams targeting seniors 

Scammers constantly evolve their tactics for elder financial abuse, but there are some common approaches to watch for. Phone scams typically involve callers pretending to be from government agencies like the IRS or Medicare. They claim the senior either owes money or is entitled to benefits if they provide personal information. Online scams are also prevalent, including fake tech support calls, phishing emails designed to steal information and fraudulent investment opportunities promising unrealistic returns. 

Romance scams are another significant threat to seniors. Scammers build online relationships with seniors, gaining their trust before exploiting them financially. They often move relationships forward quickly and make excuses to avoid meeting in person. Similarly deceptive are grandparent scams, for which imposters pose as grandchildren in trouble, typically on the phone, creating a false emergency that requires immediate financial assistance. The scammer may impersonate the grandchild by mimicking their voice or gathering personal information from social media.

Warning Signs 

Keeping an eye out for red flags can help identify potential elder financial exploitation early. Financial warning signs include unexplained withdrawals or transfers, sudden changes to wills or powers of attorney and missing valuables or financial records. You might also notice new joint owners added to accounts, purchases of large numbers of gift cards, frequent ATM withdrawals, sudden interest in investments or cryptocurrencies or unpaid bills despite adequate funds. Behavioral changes are just as important to look for. An older adult who suddenly withdraws or isolates from family and friends, shows anxiety when discussing finances or seems reluctant to speak openly when certain people are present may be experiencing elder financial exploitation. These kinds of changes in behavior often accompany financial manipulation and should not be ignored.

How you can help protect your loved ones

Knowledge is the best defense against elder financial exploitation. We encourage learning about common scams, warning signs and protective measures and staying informed about AI-driven fraud and other emerging threats. Open communication is equally important. Regular, honest conversations about finances create trust and an environment where seniors feel comfortable sharing concerns.

Periodically reviewing financial statements can improve the detection of elder financial abuse. Check bank statements and credit reports with your family member to spot suspicious activity early. When needed, financial professionals help can provide an additional layer of security. Consider consulting financial advisors or elder law attorneys who specialize in senior financial protection.

What to do if you suspect exploitation

If you believe someone is being targeted, report it immediately. Quick action can sometimes recover lost funds and prevent further losses. Report unusual account activity to the relevant financial institution right away, contact local law enforcement to file a report, reach out to Adult Protective Services in your area and document everything you observe that seems suspicious.

By staying vigilant and aware of warning signs and communicating openly, you can help protect your loved ones from financial exploitation. 

To learn more about current fraud trends and how you can protect your personal and financial information, visit our Fraud Prevention Security Portal. 

If you think you may be a victim of a scam, report it to Audit Protective Services, your financial institution and your local police.  

Additional Resources