Elder Financial Abuse: How to Spot It, Stop It, and Protect the People You Love

Elder financial exploitation is the fastest-growing form of elder abuse in the United States — and it’s far more common than most families realize.

At its core, elder financial abuse is the illegal, unauthorized, or improper use of an older adult’s money, property, or assets. It robs seniors of financial security, agency, and independence. And the painful truth? Perpetrators are often the very people they trust — family members, caregivers, neighbors, professionals… and sometimes complete strangers who know exactly how to manipulate.

If you work with seniors, care for an older loved one, or want to protect yourself as you age, this guide breaks down the warning signs, prevention strategies, and next steps if something feels “off.”

How Seniors Can Protect Themselves

Aging should come with peace of mind — not vulnerability. Here’s how older adults can strengthen their financial defenses:

1. Plan Ahead and Put Legal Protections in Place

• Create or update your estate plan.
• Consider appointing a trustworthy financial caregiver or agent under a durable power of attorney.
• Make sure your wishes are clear and legally enforceable.

2. Protect Sensitive Information

• Shred receipts, bank statements, and unsolicited credit card offers.
• Lock up checkbooks and financial documents when guests, caregivers, or workers are in the home.
• Review your credit report regularly.

3. Be Cautious With Calls and Offers

• Never share your Social Security number, account numbers, or passwords with unsolicited callers.
• Avoid sweepstakes, “lottery winnings,” and anyone asking for upfront fees or taxes.
• If a decision feels rushed, pause. Ask for details in writing. Get a second opinion.

4. Build Trusted Financial Relationships

• Get to know your banker — familiar faces are more likely to notice unusual activity.
• Work with vetted financial advisors and attorneys before signing any documents.
• Pay by credit card instead of cash whenever possible to create a paper trail.

5. Trust Your Instincts

Exploiters are often charming, persuasive, and calculating. If something feels wrong, it probably is. You have the right to feel safe and respected.

How Family and Friends Can Spot Elder Financial Abuse

You are the front line of defense. Pay attention to sudden changes in behavior or finances — those small red flags can be giant warning signs.

Common Indicators of Financial Exploitation

• Large or unexplained withdrawals
• ATM use by someone who’s never used an ATM
• Sudden unpaid bills or NSF notices
• “New friends” who insert themselves into financial matters
• Suspicious signatures on checks
• Switching to complex accounts the elder doesn’t understand
• Uncharacteristic wire transfers
• Bank statements being redirected
• New powers of attorney the elder can’t explain
• Caregivers or relatives suddenly taking over financial tasks
• Altered wills or trusts
• Loss or transfer of property

If you’re seeing several of these signs, it’s time to lean in and take action.

What to Do if You Suspect Abuse

• Have a calm, supportive conversation with your loved one
• Report concerns to their bank immediately
• Contact Adult Protective Services (APS)
• File a report with law enforcement and submit an online complaint to the FBI at IC3.gov
• Consumer Financial Protection Bureau (CFPB) elder financial protection tools

Early intervention can stop financial loss before it spirals.

Ready to Protect Yourself or a Loved One?

If you’re seeing warning signs — or simply want to strengthen your defenses — don’t wait.

Let’s build your protective forces now.
Click below to schedule a consultation and get a tailored plan to safeguard your assets, your independence, and your peace of mind.

Schedule your consultation today.