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Protect loved ones from fraud and financial abuse

HOW TO PROTECT YOUR LOVED ONES FROM FRAUD & FINANCIAL ABUSE

AUGUST 12, 2024 | FRAUD PREVENTION

Anyone can be a target for fraud or financial abuse; however older adults are particularly vulnerable. Older adults are frequently targeted by scammers who perceive them to be wealthier and less tech-savvy than other targets as well as by family members and caretakers who see opportunities for financial exploitation.Money and assets lost to fraud are often difficult to recover. This can be especially detrimental for older adults with fixed incomes.You can help protect your loved ones from fraud and financial abuse by taking simple steps to safeguard personal information and being aware of common scams and their warning signs.

WHAT ARE THE WARNING SIGNS OF FINANCIAL ABUSE?

- Unusual activity in a person’s bank accounts including a large amount of missing money or numerous, unexplained withdrawals of smaller dollar amounts.
- Large checks written to someone you do not know or uncharacteristic attempts to wire large sums of money.
- A sudden change in a person’s power of attorney or their beneficiaries.
- Unpaid bills or bounced checks that they should have the funds in their account to cover.
- Unnecessary home repairs or upgrades they were not planning to make.
- They suddenly stop receiving bank statements by mail or email.
- A change in behavior. Elders may seem confused, afraid, or unaware when they are experiencing fraud or financial abuse. They may also exhibit shame and be reluctant to talk about their finances.
- An increase in sweepstakes mailings, magazine subscriptions, or free gifts and prizes.
- A caregiver who becomes overly interested in an adult’s finances or suddenly begins conducting financial transactions on their behalf.

WHAT TO DO IF YOU SUSPECT FRAUD OR FINANCIAL ABUSE :

- Talk to your loved one. Reassure them that they are not alone and should not feel embarrassed or ashamed. Try to determine what specifically is happening with their finances.
- Report the fraud or financial abuse to their bank.
- File a police report with your local authorities.
- Contact Adult Protective Services. You can find contact information for your local agency on their website:
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It’s important to talk about money and finances with family members of all ages. By staying engaged with the older adults in your life you can help prevent isolation, catch warning signs of fraud earlier, and provide a trusted resource for your loved ones to reach out to if they need help.