Elder Financial Abuse: How to Recognize It and Protect Yourself
Financial abuse of older adults is a growing issue that deserves attention. Elder financial exploitation happens when someone illegally or fraudulently uses an older person’s money or property for personal gain. The U.S. Department of Justice ranks financial exploitation among the top forms of elder abuse.
The costs are staggering. The National Council on Aging (NCOA) estimates that financial abuse robs older adults of $2.6 billion to $36.5 billion each year. As our senior population grows, these numbers are expected to climb. By 2030, nearly one in five Americans will be over 65, and the population of those over 85 could rise to 21 million by 2050. Scammers are becoming more sophisticated, and staying aware of potential scams is essential to protect the financial security of our older loved ones.
20 Ways to Protect Against Elder Financial Abuse
1. Stay cautious of unknown links or attachments. If you don’t know the sender or didn’t expect a message, don’t click anything.
2. Verify any messages from your bank. If you get a request to confirm account details or log in, call the bank directly to check its legitimacy.
3. Watch out for urgent family requests. Scammers may pose as loved ones in distress, especially abroad—pause and verify before responding.
4. Hang up on suspicious calls asking for account details. Call back using the company’s official number instead of providing information.
5. Ignore unsolicited delivery messages. FedEx, Amazon, and other delivery services won’t message you for random confirmations.
6. Slow down when pressured to make a quick purchase. High-pressure tactics are a red flag, so pause and investigate the deal and company.
7. Avoid engaging with “government agency” calls. IRS, Medicare, and Social Security rarely call directly. Verify through official channels if needed.
8. Never pay using prepaid cards. Anyone requesting payment this way is likely running a scam.
9. Ignore random computer “updates” or pop-ups. These often contain malware that can capture financial information.
10. Limit personal information on social media. Scammers use birthdays, family details, and locations to make scams seem more convincing.
11. Review your bank and credit card statements regularly. Report anything unusual to your bank right away.
12. Shred documents before tossing them. Dispose of bank statements, medical bills, and other sensitive paperwork carefully.
13. Consider using a credit monitoring service. Alerts about unusual activity can help you catch fraud early.
14. Be wary of messages claiming “You’ve won a prize!” Legitimate prizes don’t require upfront payments or sensitive details.
15. Download apps only from trusted sources. Scammers create fake apps to access your data.
16. Keep antivirus and anti-malware software up to date. This software protects against harmful malware.
17. Guard your Social Security and Medicare numbers. Share only with verified contacts.
18. Sign up for the Do Not Call Registry. This reduces telemarketing calls, which can lead to scams.
19. Report any suspicious activity. Contact local law enforcement, the Federal Trade Commission (FTC), and your state attorney general.
20. Seek a second opinion for big financial decisions. When in doubt, reach out to a trusted friend or family member.
Where to Get Help
– AARP Fraud Watch Network Helpline: 877-908-3360
– Senior CrimeStoppers: 800-529-9096
– National Elder Fraud Hotline: 833-372-8311
– Attorney General’s Office: Check your local elder abuse hotline.
Staying alert and informed is key to protecting yourself and your loved ones from financial abuse. Scammers are constantly evolving, but with the right precautions, we can stay a step ahead.
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