Elder Financial Exploitation

Protecting Loved Ones from Financial Abuse and Scams.

Older adults can be targeted by criminals who use deception, manipulation, and emotional pressure to steal money or personal information.

Financial exploitation can happen to anyone, regardless of their financial situation or level of experience with technology. Scammers may target older adults because they believe they have accumulated savings, retirement funds, or other financial assets.

Recognizing the warning signs can help protect you and the people you care about.

Common scams targeting older adults

Grandparent or Family Emergency Scams

A caller pretends to be a grandchild or family member who is in trouble and urgently needs money. They may claim to have been arrested, involved in an accident, or stranded somewhere.

They often ask the victim to keep the situation secret.

Romance Scams

A criminal creates a relationship through social media, dating websites, or other online platforms. After establishing trust, the scammer begins requesting money for emergencies, travel, medical expenses, or other reasons.

Government Impersonation Scams

Someone claims to represent the IRS, Social Security Administration, law enforcement, or another government agency. They may threaten arrest, suspension of benefits, or legal action unless money is sent immediately.

Technology Support Scams

A pop-up message or phone call claims that a computer or mobile device has been compromised. The scammer then requests remote access, payment, or personal information.

Investment Scams

Criminals promise unusually high returns or guaranteed profits. They may encourage victims to invest retirement savings in fraudulent opportunities.

Warning signs of financial exploitation

Watch for:

  • Unexpected withdrawals or transfers.
  • Unfamiliar individuals becoming involved in someone’s finances.
  • New or unusual payment requests.
  • Sudden changes in spending habits.
  • Secretive behavior involving money or online relationships.
  • Requests to purchase gift cards or send cryptocurrency.
  • Unusual pressure to change account information or beneficiaries.

How families can help prevent exploitation

  • Talk openly about common scams.
  • Encourage loved ones to verify unexpected requests for money.
  • Help them establish trusted contacts for financial questions.
  • Encourage regular review of bank and credit card statements.
  • Be cautious about sharing personal information online.
  • Discuss financial safety before an emergency occurs.
  • Encourage older family members to contact the Bank if something doesn’t seem right.

What should you do if you suspect financial exploitation?

If you believe an older adult is being financially exploited:

  1. Contact the financial institution as soon as possible.
  2. Preserve suspicious messages, transaction records, and other documentation.
  3. Report suspected fraud to the appropriate authorities.
  4. If there is an immediate threat or emergency, contact local law enforcement.
  5. Consider contacting Adult Protective Services when appropriate.

Remember

Scammers often rely on fear, secrecy, and urgency.

Encourage loved ones to slow down, ask questions, and verify requests before sending money or sharing personal information.

A conversation today could help prevent financial loss tomorrow.