Elder financial abuse involves illegally taking, misusing, or concealing funds, property, and/or assets of a senior citizen; particularly those at higher risk due to changes in physical and/or mental functioning.

 

Anyone can become a target, but some demographics are at an elevated risk, including:

• People ages 70+

• Women

• People with large savings or assets

• People who are lonely or isolated

• People who are more trusting

 

The scope of elder financial abuse is staggering:

• Over 3.5 million older Americans are targeted each year

• For every case of abuse reported there are an estimated four additional cases that go unreported

• $3.1 billion total losses for victims over 60 in 2022

• 88,262 victims over 60 in 2022

• $35,101 on average lost per victim over 60

(Source: 2022 FBI Elder Fraud Report, IC3)

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Most often we find that the average perpetrator isn’t a stranger, they’re some who has gained the victim’s trust. It’s estimated that in more than half of reported cases, elder financial abuse is perpetuated by family, caregivers, and neighbors. These criminals are able to prey on a victim’s vulnerability by creating dependency and isolation. They will often use fear, shame, secrecy, and even intermittent acts of kindness to manipulate their victim.

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Examples of elder financial abuse may include:

• Stealing money or possessions

• Forging a signature or altering check amounts

• Misusing ATM cards, credit cards, and/or joint accounts

• Misusing a Power of Attorney

• Altering a will, trust, or inheritance

• Selling or transferring property against the victim’s wishes or best interest

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Elder financial abuse may also involve additional scam tactics.