MyChart®
Financial abuse is one of the most common forms of elder abuse, but it rarely looks the way people expect.
It isn’t always a sophisticated online scam or a stranger asking for money. More often, it happens gradually. A few unexplained withdrawals, bills that stop getting paid, or a caregiver who suddenly insists on handling every financial decision.
By the time family members notice something is wrong, much of the damage has already been done.
Elder financial abuse can take many forms, from theft and deception to manipulation, coercion, and the misuse of legal authority. Knowing what to look for can help you recognize the warning signs early and protect someone you care about.
Why Older Adults Are Often Targeted
Older adults are often targeted because they’ve spent decades building savings, retirement accounts or home equity. Health changes, increased reliance on others for daily tasks, and social isolation can also create opportunities for someone to gain financial influence.
It’s also important to remember that financial abuse isn’t a reflection of someone’s intelligence or judgment. Professional scammers and financial predators are skilled at creating trust, manufacturing urgency, and manipulating emotions. Anyone can become a victim.
What Does Elder Financial Abuse Look Like?
Financial abuse isn’t just stealing money. It’s manipulating someone into giving it away, spending it or signing it over against their own interests.
It can happen in many ways, from using a debit or credit card without permission or forging checks to pressuring someone to change a will, misusing a power of attorney or convincing an older adult to make financial decisions that primarily benefit someone else.
It might be a contractor who claims a roof needs immediate repairs, a new acquaintance who offers to “help” manage finances, a caregiver who repeatedly asks to borrow money, or a scammer claiming a loved one is in trouble or that a bank account has been compromised. While the tactics vary, they all rely on the same thing: gaining trust, creating urgency, or using fear to influence a financial decision.
The person responsible isn’t always a stranger. In many cases, it’s a family member, caregiver, or someone else the victim knows and trusts.
Warning Signs to Watch For
Financial abuse rarely announces itself. More often, it’s a pattern of small changes that don’t seem connected until someone steps back and sees the bigger picture.
Watch for:
- Large or unexplained withdrawals or transfers.
- Missing checks, debit cards, or valuables.
- Bills going unpaid despite adequate income or savings.
- Sudden changes to bank accounts, beneficiaries, or legal documents.
- Large purchases, home repairs, investments or financial transactions an older adult can’t clearly explain.
- A caregiver or companion who insists on speaking for them or limits contact with family and friends.
- New relationships or unsolicited offers that quickly lead to requests for money or major financial decisions.
- A loved one becoming unusually anxious, withdrawn or reluctant to discuss finances.
One warning sign doesn’t necessarily mean financial abuse is occurring. Several together deserve a closer look.
Simple Ways to Reduce the Risk
No one can prevent every scam or every attempt at financial abuse. But a few simple habits can make both much harder.
- Review bank and credit card statements regularly.
- Set up account alerts for large or unusual transactions.
- Never share passwords, PINs or one-time security codes.
- Be cautious of unexpected calls, emails or text messages requesting money or personal information.
- Encourage a trusted second opinion before making significant financial decisions.
- Review estate planning and financial documents periodically to ensure they still reflect your wishes.
Perhaps the most important habit is simply slowing down. Whether it’s a scammer claiming your account has been compromised, a contractor insisting repairs can’t wait, or someone pressuring an older adult to send money, invest or make an immediate purchase, urgency is one of the oldest and most effective tools financial predators use.
If someone insists you act immediately or keep a financial decision secret, pause. Verify the request independently and talk to someone you trust before moving forward.
If Something Doesn’t Feel Right
Don’t wait for proof before speaking up. Recognizing the warning signs early can make all the difference. That’s why Frontwave Credit Union combines fraud monitoring, account security tools and financial education to help Members and their families spot the warning signs early.
If you receive a suspicious phone call, email or text, remember to stop, hang up and tell someone. Pause. End the conversation. Then talk to someone you trust. If it involves your money, call your bank or credit union before you send money, share personal information or make a financial decision.
If you think someone you care about is being pressured, manipulated or taken advantage of financially, don’t assume someone else will step in. Start the conversation. Ask for help.
Contact the financial institution if you notice suspicious activity so accounts can be reviewed and secured. You should also report concerns to Adult Protective Services or local law enforcement.
Acting early can help limit financial losses and protect someone’s financial well-being and independence.
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About Frontwave Credit Union
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