Elder financial abuse is the illegal or improper use of financial assets of a person aged 60 or older.
Elder financial abuse often involves adult children but can also occur in care facilities or be committed by health or financial caregivers like powers of attorney, trustees, or guardians.
Staying informed about caregiver-related scams can help reduce the risk of financial abuse for you or your loved ones. Learn how to recognize warning signs, protect your assets, and act with the resources provided below.
Understanding the common signs of scams used by caregivers and adult children can help you spot suspicious behavior early and take steps to protect yourself or a loved one.
Common signs of scamming by family members or caregivers
- Sudden changes in bank accounts, such as adding new names onto accounts and cards, new cosigners
- Unpaid bills, collection letters, or past-due notices – despite the person having sufficient financial resources
- Sudden transfers of assets to someone outside the family
- Unusual requests to take control of someone’s money or property through the power of attorney
- Unauthorized use of ATM cards to withdraw funds from the victim’s account
- Threats of or actual physical/mental abuse to obtain money
- Taking advantage of someone’s situation by in-home care providers – for example, demanding money to perform tasks, lying about hours worked, failing to perform duties, and stealing
Resources – Education and Reporting
There are many laws designed to protect older adults from elder abuse and guide the practice of adult protective services agencies, law enforcement agencies, and others. These laws vary considerably from state to state. If you believe an adult is being abused, the following organizations can help:
- National Adult Protection Services Association state resource finder
- Abuse in Disability Communities National Domestic Violence Hotline
- Consumer Financial Protection Bureau resources
Please remember to notify the victim’s financial institution so it can protect their assets and investigate the matter.