Protecting What Matters: How to Spot and Prevent Elder Financial Exploitation

(3 Minute Read) — Elder financial exploitation is a growing but often invisible crisis affecting millions of older adults. It happens when someone misuses or steals an elder’s money, property, or assets—often someone they know and trust. The impact can be devastating, stripping away financial independence, emotional well-being, and hard-earned savings. 

As our population ages, it’s more important than ever to understand how this form of abuse happens, what warning signs to watch for, and how we can protect the people who raised us, taught us, and helped build our communities. 

What Is Elder Financial Exploitation? 

Financial abuse of older adults can take many forms. Some of the most common include: 

• Government impersonation scams 

• Romance and emergency scams 

• Lottery and prize scams 

• Tech support fraud 

• Unauthorized use of bank or credit accounts 

• Abuse of power of attorney 

• Manipulation or coercion by caregivers or family members 

While the tactics vary, the goal is always the same: to exploit trust and vulnerability for financial gain. 

The Alarming Scope of the Problem 

When is comes to elder financial exploitation, according to the National Council on Aging, approximately 1 in 10 Americans age 60 and older has experienced some form of elder abuse—and financial exploitation is among the most common. It’s estimated that elder financial abuse costs older Americans more than $28 billion every year. 

And while strangers may be responsible in some cases, it’s often a family member, caregiver, or trusted acquaintance who commits the fraud—making the crime even more difficult to detect and report. 

Warning Signs to Watch For 

Knowing the red flags can help prevent irreversible damage. Common signs of financial exploitation include: 

• A caregiver appears overly interested in an elder’s financial affairs 

• The elder seems anxious, withdrawn, or confused when discussing money 

• A new person suddenly begins managing the elder’s finances without explanation 

• There are frequent, unexplained large withdrawals or wire transfers 

• The elder avoids financial discussions or seems unaware of account activity 

• Sudden changes to legal documents like powers of attorney or wills 

• Suspicious loans, account closures, or asset liquidations 

How You Can Help Prevent Elder Financial Exploitation and Abuse 

Prevention starts with awareness. Here’s how you can help protect older adults: 

1. Stay Informed

Education is one of the most powerful tools we have. Talk with the seniors in your life about common scams and how to avoid them. The Security section of the Unitus website offers valuable tips and up-to-date fraud alerts. 

2. Monitor Financial Accounts Together

Encourage loved ones to review account statements regularly and check their credit reports. Early detection can stop fraud in its tracks—and in some cases, make recovery possible. 

3. Establish Trusted Contacts

Help older adults choose someone they trust who can serve as a backup contact for financial institutions in case something seems off. 

What to Do If You Suspect Elder Financial Abuse 

If you think someone you know may be a victim of financial exploitation, don’t wait: 

• Speak with a Unitus team member – We’re trained to help assess and take action. 

• Privately check in with the elder – Create a safe space to listen without judgment. 

• Report concerns to Adult Protective Services and local law enforcement. 

• Document everything – Keep track of transactions, who has access to accounts, and report any suspicious activity. 

A Shared Responsibility 

At Unitus, we believe everyone deserves to age with dignity, respect, and financial security. Elder financial exploitation is often underreported—many victims feel embarrassed or don’t know where to turn. That’s why it’s on all of us to stay alert, speak up, and stand by our most vulnerable community members. Together, we can make a difference.