Elder Financial Abuse is the financial exploitation of an older person by another person or entity, that occurs in any setting (e.g., home, community, or facility), either in a relationship where there is an expectation of trust and/or when an older person is targeted based on age or disability.
Did You Know
- Fraud losses reported by people 60-69 (the highest of all age groups) totaled $836M in 2022.
- Total losses for people over 60 exceed $3.1B.
- Seniors targeted by fraudsters suffer an average loss of $35,101.
Warning Signs of Elder Financial Abuse
- Unusual activity in an older person’s bank accounts, including large, frequent, or unexplained withdrawals, sudden non-sufficient fund activity or unpaid bills.
- A new “best friend” accompanying an older person to the bank.
- A senior who is not allowed to speak for themselves or make decisions; confusion, fear or lack of awareness from older customer.
- Uncharacteristic attempts to wire large sums of money.
- Checks written as “loans” or “gifts.”
- Bank statements that no longer go to the customer’s home.
- A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
- ATM withdrawals by an older person who has never used a debit or ATM card.
- Closing CDs or accounts without regard to penalties.
What should you do if you suspect financial abuse?
- Talk to trusted friends or loved ones if you see any of the signs mentioned here. Try to determine what specifically is happening with your financial situation, such as a new person “helping” them with money management, or a relative using cards or credit without their permission.
- Report the elder financial abuse to your bank and enlist your banker’s help to stop it and prevent its recurrence.
- Contact Adult Protective Services in your town or state for help.
- Report all instances of elder financial abuse to your local police—if fraud is involved, they should investigate.