Elder Financial Exploitation: Tips to Help Protect Seniors

According to the FBI, people ages 60 and older totaled over $4.8 billion lost.

Financial exploitation happens when someone improperly or illegally uses a person’s money, assets or property. Keeping older adults safe from financial exploitation is a team effort. Everyone deserves to feel safe and confident whether you’re managing your own finances or helping a loved one manage theirs.

We take a stand against the mistreatment of seniors by educating the community about current scams and sharing valuable fraud prevention resources. Help support older adults by staying a step ahead of fraud and scams.

Why do scammers target older adults?

Scammers count on seniors:

Being less familiar with new technology. They’ll exploit confusion around emails, texts and online accounts.
Trusting of callers or emails that sound "official" as they count on people being polite and willing to listen.
Being kind. Many scams play on emotions like fear, love or concern for family. Scammers sometimes call or message just to build a "friendship" before asking for money knowing loneliness is a tool.
Having savings. Retirement funds and nest eggs make older adults attractive targets.

Top scams that may affect seniors

Investment scams: Investment scams often target seniors by promising high returns with little to no risk. Scammers may pose as financial advisors from an investment firm. They use professional language and fake documents to appear legitimate, and their high-pressure sales tactics promise unrealistic returns. Common scams include crypto assets, investments in stocks, high-yield investment programs and pump-and-dump schemes. With pump-and-dump scams, the scammer will promote a low-value stock to inflate the price. Then, they sell their shares, leaving an older adult with worthless investments.
Tech support scams: Scammers can pretend to be a tech support specialist and may reach out with an unsolicited offer to fix a "problem" with a mobile device or computer. They may use fear tactics and mention a computer virus that needs to be fixed immediately. The scammer could say they require remote access to solve the issue. Once they have control of the device, the scammer might gain access to the senior’s sensitive financial information.
Imposter scams: Imposter scams involve a scammer pretending to be a trusted contact, such as a family member, friend, business, company representative or even a bank associate. They’ll pretend to be contacting you about something important such as a tax, social security or Medicare issue. These imposters take different forms, but their goal is almost always the same: to steal your money or personal information. One common scam targets seniors by preying on their love and concern for family. A scammer poses as a relative in distress, claiming to have been in an accident, arrested or stranded in a foreign country. Panic and urgency may lead the older adult to give money to the scammer.
Romance scams: This scam takes place when a scammer maliciously tricks the elder into thinking a genuine romantic or friendly connection is forming. However, the scammer aims to exploit that trust to carry out financial theft or gain access to sensitive information. The scammer may convince a senior to give them valuable items, financial aid or money under false assurances of repayment, an in-person meeting or romantic promises.

Caregiver awareness: warning signs of financial abuse that may target older adults

Unusual withdrawals: Sudden or unexplained transactions may signal that someone is accessing their funds improperly.
Behavioral changes: An increase in anxiety or confusion around money can be a sign of financial stress from a scam.
Unpaid bills: Look out for funds that may be unknowingly redirected away from utilities, rent or medical expenses.
Isolation tactics: To avoid detection, scammers may try to cut seniors off from their trusted friends or family members.
Missing valuables: Jewelry, cash or financial documents can be easily accessible to the wrong person if they’re not stored in a safe place.
Secretive behavior: Your loved one may avoid discussing money, or they may hide bank statements. This could be a sign of a scam.

Let’s work together

Helping protect loved ones from fraud and scams is important. It’s important for individuals and those who support them to encourage them to stop and verify unusual requests or communications before taking action. Simple steps and honest conversations can help prevent financial loss and build trust across generations. To learn more, refer to our Resource Guide (PDF) on financial exploration.