What Is Elder Financial Abuse?

Common Schemes

• Impersonation scams — callers pretending to be government agencies, utilities, or grandchildren in trouble, demanding immediate payment.
• Romance scams — online relationships cultivated to extract money over weeks or months.
• Lottery and sweepstakes scams — “you’ve won, just pay the fees” requests that never end.
• Caregiver theft — aides or family helpers stealing cash, using credit cards, or writing checks to themselves.
• Power of attorney abuse — an agent using their legal authority for personal gain rather than the older adult’s benefit.
• Undue influence — pressuring an older adult to change a will, deed, or beneficiary designation.

Red Flags to Watch For

Sudden changes in banking habits, large or frequent withdrawals, new people added to accounts, bills going unpaid, missing personal property, and an older adult who becomes secretive or anxious about money. Scam victims often receive many calls from unknown numbers.

How to Respond

1. Document — dates, amounts, names, and copies of anything suspicious.
2. Alert financial institutions — banks can flag accounts, and many states allow them to pause suspicious transactions.
3. Report to Adult Protective Services — find yours at eldercare.acl.gov or 1-800-677-1116.
4. File a police report if a crime may have occurred.
5. Consider legal steps — such as revoking a misused power of attorney — with guidance from a qualified legal professional.

Prevention Helps More Than Recovery

Recovery of stolen funds is uncertain, so prevention matters most: simplify accounts, set up transaction alerts, use direct deposit, designate a trusted contact with financial institutions, and talk openly with older loved ones about common scams — without condescension.