Financial exploitation is one of the most common forms of elder abuse, yet it often goes unnoticed. Scammers, dishonest family members, or even trusted caregivers can take advantage of seniors, draining their savings and leaving them in a tough spot.
Knowing the warning signs can help stop the problem before it gets worse.
Unexplained Money Problems
If a senior suddenly struggles to pay bills, buy groceries, or access their own money, something may be wrong. Watch for overdue notices, bounced checks, or a sudden lack of cash when they previously had enough.
Changes in Banking Habits
Has your loved one withdrawn large amounts of money without explanation? Are they making transfers they don’t remember or signing up for financial products they don’t need? Sudden shifts in banking activity can signal that someone else is influencing their decisions.
New “Friends” or Caregivers with Too Much Access
Be cautious if a new person suddenly becomes involved in a senior’s life and takes a strong interest in their finances. This could be a scammer posing as a friend, a dishonest caregiver, or even a relative who wasn’t previously involved. If this person starts handling bank visits, bill payments, or financial documents, it’s time to ask questions.
Pressure to Sign Documents
Seniors should never feel rushed or pressured into signing checks, wills, property transfers, or other legal documents. If someone is pushing them to do so without giving them time to think, that’s a red flag. Scammers often use urgency to force bad decisions.
Strange Investments or Sweepstakes Scams
Many scammers trick seniors by offering fake investment opportunities or telling them they’ve won a big prize. These scams often ask for an upfront fee or personal banking information to “claim” the winnings. If your loved one starts talking about a sudden business opportunity, a high-return investment, or a sweepstakes they don’t remember entering, it’s worth looking into. Even small amounts of money lost over time can add up.
Missing Valuables or Unexplained Transactions
If jewelry, credit cards, or important financial documents disappear, it might not be a coincidence. Likewise, if a senior doesn’t recognize charges on their account or notices money missing, someone could be taking advantage of them.
Isolation from Family and Friends
A common tactic used by financial abusers is to isolate their target from others who might notice the problem. If your loved one suddenly stops communicating as much or seems nervous about discussing certain topics, they may be experiencing pressure or manipulation.
What to Do If You Suspect Financial Abuse?
If something doesn’t seem right, start by talking to the senior privately. Ask open-ended questions about their finances, any recent changes, and whether they feel comfortable with the people helping them. If they seem unsure or hesitant, it may be time to dig deeper.
Contact their bank to report suspicious activity and ask about options to protect their accounts. If you suspect a scam or financial abuse, report it to local authorities, adult protective services, or an aging agency in your area.
At Northeast Missouri Area Agency on Aging, we advocate for the well-being of seniors and provide resources to help keep them safe. If you need guidance, contact us today—we’re here to help.