Elder financial abuse can begin with a convincing phone call, a pressured signature, or someone trusted using money for their own benefit. It can involve a stranger, but it can also involve a family member, caregiver, friend, or professional.
Noticing a concern is a reason to ask questions and seek appropriate help. You do not have to prove a crime before reporting suspected exploitation. The goal is to protect the person’s money, safety, dignity, and ability to make their own decisions.
If money may be moving now, contact the bank or payment provider immediately using a verified number. If someone is in immediate danger, call 911. The reporting contacts below can help with suspected abuse or fraud.
What Is Elder Financial Abuse?
Elder financial abuse is the improper or illegal use of an older adult’s money, property, or financial resources. It can involve theft, deception, pressure, or misuse of access that was originally given for a legitimate purpose.
- A helper uses an older adult’s card for purchases they did not authorize.
- Someone pressures a person to give away money or sign financial documents.
- A person entrusted to manage bills diverts money for their own use.
- A scammer impersonates a bank, government agency, romantic partner, or relative to obtain money.
An older adult choosing to spend money differently from what relatives would prefer is not, by itself, proof of abuse. Look for concerns such as deception, coercion, missing money, or unauthorized activity. Elder financial abuse can happen suddenly or develop over time.
Warning Signs of Elder Financial Abuse
Pay attention to changes that do not have a clear explanation. A warning sign calls for a closer look, not an automatic accusation.
- Unexpected withdrawals, transfers, new payees, or unfamiliar charges.
- Unpaid essentials despite apparently available funds.
- Missing valuables, statements, or financial documents.
- Unexplained changes to account access, ownership, beneficiaries, or legal documents.
- Someone controlling visits, speaking for the person, or preventing private conversations.
- Pressure to send money quickly or keep a financial arrangement secret.
- The person says they feel afraid, pressured, or unable to say no.
Keep observations factual: what happened, when, and why it concerns you. A large withdrawal might have a legitimate explanation; a pattern of unexplained activity deserves attention. Avoid assuming that age alone means someone cannot manage money.
Start a Private, Respectful Conversation
If it is safe, speak with the older adult without the person you are concerned about present. Ask an open question such as, “I noticed this bill has not been paid. Is anything making it difficult to handle?”
Listen before offering a solution. Someone may worry about losing independence, getting a relative into trouble, or being blamed. Tell them that asking for help does not make them responsible for another person’s deception.
When discussing elder financial abuse, avoid threats to take over accounts. Ask what assistance the person wants and involve them in decisions wherever possible. Our guide to discussing money offers ways to begin without demanding unnecessary private details.
If You Suspect Elder Financial Abuse, Act Promptly
Contact the financial institution or payment provider. Use the number on a statement, the card, or its official website—not a number supplied in a suspicious message. Explain the concern and ask what can be stopped, secured, disputed, or reviewed.
You can report a concern even if privacy rules prevent the institution from sharing account information with you. Do not pretend to be the account holder. Ask how the owner or an authorized representative can take the next step.
Preserve records you can lawfully access. Keep relevant messages, receipts, transaction details, dates, and contact information. Do not delete evidence or continue sending money to test whether a request is genuine.
Ask about recovery immediately, without assuming it is guaranteed. Options depend on the payment method, circumstances, and timing. The FTC’s steps to take after a scam explain who to contact for different payments.
If the suspected person provides care or controls access to essentials, tell the authorities or support service about that dependence. Avoid a confrontation that could put the older adult at risk.
Where to Report Elder Financial Abuse
- Immediate danger: Call 911.
- Suspected theft, threats, or another crime: Contact local police or the sheriff’s office.
- Adult Protective Services: Report suspected exploitation to the relevant state or local APS agency. The Eldercare Locator, 800-677-1116, can help connect you with local aging services and reporting resources.
- Financial fraud affecting someone age 60 or older: Call the National Elder Fraud Hotline at 833-372-8311, Monday–Friday, 10 a.m.–6 p.m. Eastern Time. Case managers help with reporting and referrals; this is not an emergency response service.
- Scams: File a report with the Federal Trade Commission. An FTC report does not replace contacting the financial institution or emergency services.
The CFPB’s reporting elder financial abuse guide provides additional direction. Tell each organization what you know and keep reference numbers and follow-up dates.
What a Trusted Contact Can—and Cannot—Do
Ask the bank, credit union, or investment firm whether it offers a trusted-contact designation and how it works. This gives the institution someone to contact in specified circumstances, such as suspected exploitation or difficulty reaching the account holder.
Being named a trusted contact does not, by itself, authorize someone to withdraw money, make transactions, or take control of the account. It is different from account ownership or a power of attorney. It also does not guarantee that every suspicious transaction will be detected or generate an alert.
Choose the person carefully and review the choice when relationships change. The CFPB’s trusted-contact guide explains the role. Legal authority to manage someone else’s finances should be reviewed with a qualified attorney when needed.
Reduce Opportunities for Exploitation
With the account holder’s permission, review statements together and ask about account alerts that suit their preferences. Keep passwords private, use multifactor authentication where available, and verify unexpected requests through a separate, trusted contact method.
Pause before sending money because of a frightening call or message. Contact a supposed relative directly on a number you already know. Review significant account or legal-document changes without pressure from someone who benefits.
These steps can reduce risk, but they cannot guarantee prevention. Elder financial abuse is the responsibility of the person committing it—not proof that the older adult or family failed to be careful enough.
Support Recovery Without Blame
After suspected elder financial abuse, keep helping with the tasks the person wants help handling. Make a short record of reports, responses, and outstanding questions so the person does not have to repeat the story unnecessarily.
Be alert to people promising to recover stolen money for an upfront payment. The FTC warns about refund and recovery scams that target people after an earlier loss.
Choose the next useful step: contact the bank, save a message, or call the appropriate reporting service. If money has gone missing, someone is pressuring you for money, or a trusted helper’s behavior has changed, the retirement Something Changed tool can help you sort through the household issues that need attention. Use the reporting contacts above promptly when abuse or fraud is suspected.
For more household and support guidance, visit Real Life Money and Managing Your Affairs in Retirement. Protecting money should go hand in hand with respecting the person it belongs to.