As our loved ones age, they may become more vulnerable to financial exploitation and unfortunately, are often targeted by fraudsters. They tend to have more accumulated wealth than younger populations, making them attractive targets. But with awareness, empathy, and action, we can help protect them.
Why Are Older Adults at Risk?
Several factors can contribute to elder financial abuse:
- Cognitive decline or emotional vulnerability
- Financial stress or a desire for extra income
- Attraction to offers that seem “risk-free”
- Loneliness, which can make individuals more susceptible to manipulation
Fraudsters are constantly evolving their tactics, so staying informed is key. Talking openly with trusted friends and family can make a huge difference. Discussions on these topics help reduce stigma, raise awareness, and encourage reporting.
10 Warning Signs of Elder Financial Abuse
Keep an eye out for these red flags:
- Sudden changes in financial habits, like interest in unfamiliar investments
- Cashing out retirement or savings unexpectedly
- Unusual interest in rare coins or metals as a way to “protect” savings
- Large bank withdrawals without clear explanation
- Rising credit card balances
- A new “special friend” or romantic interest, especially online
- Bills are going unpaid
- Unexplained wire transfers
- Sending large sums via digital currency kiosks
- Secretive behavior about finances or new relationships
How to Start the Conversation
If you suspect someone you care about is being scammed, it’s important to talk to them, but it can sometimes be difficult to have those conversations. Here are some questions to consider to help you prepare:
- Why do I believe my relative or friend is being scammed?
- Who else should join me in the conversation?
- How might they respond to my concerns?
- What do I want to accomplish?
- What do I want to be sure to say?
- When would be a good time to talk?
Approach the conversation with patience and empathy. Avoid judgment or blame. Just being there for the person can make a huge difference.
What You Can Do
If you suspect elder financial abuse, there are several important steps you can take. First, offer help—and don’t give up if your loved one seems hesitant. Patience and persistence can go a long way. If you notice suspicious activity, report it through trusted channels like the CFTC Complaint Portal or the FBI’s Internet Crime Complaint Center (IC3). Additionally, educating yourself and others is key to prevention. Resources such as the U.S. Department of Justice Elder Justice Initiative provide valuable information to help you stay informed and proactive in protecting older adults from financial exploitation.
