Financial elder abuse is a growing concern, with older adults losing billions every year to scams and exploitation. According to the National Council on Aging, it is estimated that 1 in 10 older adults experience some form of financial abuse, making it crucial to recognize the warning signs early.
Understanding Financial Elder Abuse
Financial elder abuse can take many forms, including unauthorized withdrawals, manipulation of wills, or scams. Often, the abuser is someone close to the victim, such as a family member or caregiver, which can make detection particularly challenging.
From the Publisher
$2.9 billion
Lost annually by older adults to financial scams
- Unexplained withdrawals from bank accounts
- Changes in beneficiaries on financial documents
- Sudden changes in financial behavior or spending patterns
How to Protect Yourself
1
Step 1
Regularly review your bank and credit card statements for any unfamiliar transactions.
2
Step 2
Set up transaction alerts with your bank for any withdrawals over $100.
3
Step 3
Consider using a financial advisor to help manage your accounts and detect discrepancies.
Signs of Financial Elder Abuse
| Sign | What to Look For | Action to Take |
|---|---|---|
| Unauthorized Transactions | Withdrawals not made by you | Contact your bank immediately |
| Changes in Financial Documents | New beneficiaries without your consent | Consult a lawyer |
| Isolation from Family | Reduced communication with loved ones | Reach out to family members |
