Elder Financial Abuse: Protecting Your Loved Ones
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As our loved ones age, protecting their financial well-being becomes increasingly important. Elder financial abuse is on the rise, often happening quietly through scams, unauthorized transactions, or even misplaced trust. Awareness and early detection are key to prevention.
Learn about common forms of senior financial abuse, key warning signs, and ways to prevent it.
What to Avoid: Common Scams & Exploitation
From Strangers & Scammers
- Online Impersonation Scams – Fraudsters posing as government agencies, banks, or family members
- Romance Scams – Online relationships used to request money
- Investment Fraud – Fake opportunities, products, or excessive “fees”
- Sweepstakes & Lottery Scams – Claims of winning a prize that require upfront payment
From Trusted Individuals
- Using funds or assets without permission for personal gain
- Misusing power of attorney authority
- Pressuring or coercing seniors to sign over assets
- Withholding funds or failing to pay bills despite available money
Warning Signs to Watch For
- Unusual withdrawals or sudden changes in spending patterns
- Unpaid bills despite sufficient funds
- A new caregiver or friend becoming overly involved in finances
- Sudden changes to a will, trust, or power of attorney
- Missing money or valuables
- Unexplained transfers of assets
How to Help Prevent Financial Abuse
- Stay connected — reducing isolation makes it easier to notice changes
- Review account statements together each month
- Set up safeguards such as account alerts and transaction limits
- Serve as a trusted contact on financial accounts
Financial abuse can happen to anyone, but being proactive and taking the steps needed can help prevent it. Know the warning signs, be mindful if something doesn’t seem right, and speak openly with loved ones about financial safety. As always, we’re here to help. If you have any questions or concerns, please reach out to a trusted BankGloucester staff member.