Financial Elder Abuse

Financial elder abuse can manifest in various ways.

According to the U.S. Department of Justice, financial exploitation of the elderly refers to two types of financial crimes:

• Financial abuse (committed by someone you know)
• Financial fraud (committed by a stranger)

In this post, we’ll review what you need to know about elderly financial abuse, including how to combat and report financial abuse of the elderly.

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What Are Types of Elder Financial Abuse?

Types of elder abuse financial exploitation include:

• Stolen or forged checks
• Theft of personal property
• Abuse or misuse of finances and assets
• Investment and financial fraud schemes
• Scams involving home repair or contractors
• Emergency imposter scams targeting grandparents and grandchildren
• Medical and healthcare-related scams
• Fake IRS phone calls and tax fraud schemes
• Fraudulent Medicare outreach and billing scams
• Computer, internet, and tech support fraud
• Fake charity requests and donation solicitations
• Sweepstakes, lottery, and contest scams
• Misuse of Power of Attorney authority for financial gain

In the next section, we’ll go over tips to prevent financial abuse of elders.

What Are Tips To Protect Against Financial Abuse of the Elderly?

Below are some ways to prevent senior financial abuse:

• Watch for scam tactics. Scammers often create fear, urgency, or excitement to pressure people into sending money quickly. If something feels suspicious, hang up and contact the organization directly using a trusted phone number.
• Stay connected to others. Isolation can increase the risk of financial abuse and exploitation. Regular check-ins with trusted friends or family members can provide support and help identify concerns early.
• Review financial accounts regularly. Monitor bank statements, credit reports, and other financial records for unauthorized transactions or unusual activity. Catching problems early can help limit the damage.
• Know the warning signs. Sudden financial changes, missing bills, or unexpected credit offers may signal fraud or identity theft. Pay attention to unusual activity and investigate concerns promptly.
• Ask for help without embarrassment. Financial scams affect people of all backgrounds and ages. Reporting suspicious activity can protect both you and others from further harm.
• Prepare legal documents in advance. Written directives and powers of attorney can clarify your wishes and help protect against exploitation if you become unable to make decisions independently.

Finally, we’ll review how to protect against financial abuse of elderly.

How Do You Report Financial Abuse in Elderly?

If you suspect financial abuse in the elderly, report it to your local Adult Protective Services (APS) agency. APS investigates cases involving abuse, neglect, and financial exploitation of older adults and people with disabilities. If there is immediate danger, call 911. Otherwise, contact your local police department, Sheriff’s office, or District Attorney’s office to file a report and request an investigation.

When making a report, provide as much information as possible, including:

• Incident details. Share the time, date, and location of suspected abuse.
• People involved. Include the names of witnesses, caregivers, or anyone connected to the situation.
• Description of abuse. Explain suspicious financial activity, fraud, theft, or neglect.
• Medical or cognitive concerns. Note any disabilities, memory loss, or decision-making impairments.
• Safety risks. Mention whether you believe you or the older adult in question is in immediate danger.

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