Financial exploitation of older adults is the most common form of elder abuse, and it often goes undetected for months or years. The perpetrators are not always strangers — in most cases, they are trusted family members, caregivers, or acquaintances. Knowing the warning signs and taking preventive steps is the most powerful protection you have.

The Scope of Elder Financial Abuse

$36.5B
estimated annual losses from elder financial exploitation
1 in 10
adults over 65 experience some form of financial exploitation
72%
of perpetrators are family members or trusted individuals
Only 1 in 44
cases of elder financial abuse is ever reported

Warning Signs to Watch For

  • Unexplained withdrawals or transfers from your accounts
  • New names added to your accounts without your full understanding
  • Bills going unpaid despite having sufficient funds
  • Someone pressuring you to sign documents you have not read thoroughly
  • A new 'friend' who is unusually interested in your finances
  • Missing personal belongings, jewelry, or cash
  • Changes to your will, trust, or beneficiaries that you did not initiate
  • Feeling pressured to give money, gifts, or loans to someone
  • A caregiver or family member who isolates you from others

Protective Steps You Can Take Today

Financial Protection Strategies

1
Never Sign What You Have Not Read
If someone is rushing you to sign something, that is a red flag. Take the document to your attorney or a trusted person before signing.
2
Set Up Account Alerts
Ask your bank to send you text or email alerts for any withdrawal over an amount you choose. This gives you real-time visibility.
3
Use Direct Deposit for All Income
Paper checks can be stolen from mailboxes. Direct deposit puts your money safely in your account.
4
Designate a Trusted Contact at Your Bank
Many banks now allow you to name a trusted contact who can be called if suspicious activity is detected — without giving that person access to your money.
5
Shred Financial Documents
Use a cross-cut shredder for all bank statements, credit card offers, and documents with personal information.

Common Scams Targeting Adults Over 80

Scams to Watch For in 2026

Scam TypeHow It WorksHow to Protect Yourself
Grandchild impersonationCaller pretends to be a grandchild in trouble needing moneyHang up and call your grandchild directly at their known number
Medicare fraudCaller asks for Medicare number for 'new card' or 'benefits'Medicare will never call asking for your number
Tech support scamPop-up or call claims your computer has a virusNever give remote access to your computer to an unknown caller
Romance scamOnline or phone contact builds relationship then asks for moneyNever send money to someone you have not met in person
IRS impersonationCaller threatens arrest for unpaid taxesThe IRS contacts you by mail first, never by threatening phone call

What to Do If You Suspect Exploitation

If you believe you or someone you know is being financially exploited, contact Adult Protective Services in your state, your local law enforcement, or the Eldercare Locator at 1-800-677-1116. You can also contact your bank's fraud department immediately to freeze suspicious activity. There is no shame in reporting — you are protecting yourself and others.

Your financial security is not something to be polite about. Trust your instincts, ask questions, and never let anyone make you feel guilty for protecting what is yours.