This month, we begin a series on a less frequently discussed but critical issue: elder fraud. Elder exploitation is an increasing concern that targets some of our most vulnerable community members. As individuals age, they often encounter challenges that make them more susceptible to various forms of fraud and abuse, including neglect, financial exploitation, and emotional manipulation. According to the FBI's Internet Crime Complaint Center (IC3), scams aimed at those aged 60 and older resulted in over $3.4 billion in losses in 2023.

In this article we're highlighting a particularly troubling form of elder financial exploitation: caregiver abuse. Sadly, this type of abuse is often committed by those who are trusted to provide care and support—such as family members, caregivers, neighbors, friends, or even financial professionals. The very people older adults rely on for help are sometimes the ones taking advantage of them, making this form of exploitation both devastating and difficult to detect.

Warning Signs to Watch For

Being vigilant for warning signs or changes in behavior can help identify and prevent potential elder abuse. Red flags may include new "best friends" or unfamiliar caregivers assisting with daily activities. Scammers frequently take advantage of their victims' dependence on support services, particularly in cases where the individual is isolated and may have cognitive or physical limitations. If an older adult appears fearful around a specific relative or friend, or if they are not allowed to speak privately with others, this may signal underlying abuse. Perpetrators often use deception, intimidation, and coercion to access their victims' finances.

Protecting Yourself and Your Loved Ones

To protect yourself and your loved ones from elder fraud, consider these steps:

• Securely store or shred documents containing sensitive information, especially if others have access to your home.
• Take your time with financial decisions; ask for written details and seek a second opinion from a trusted family member or friend.
• Regularly review your credit reports and bank statements to spot unauthorized transactions or newly opened accounts in your name.
• Keep your banking passwords, PINs, and credentials private, sharing them only with individuals authorized on your accounts.
• Take advantage of your bank or credit union's option to designate a trusted contact—such as an adult child or close friend—who can be reached in case of an emergency to help protect your finances.

Responding to Concerns

If you suspect elder abuse, trust your instincts. Start by having an open conversation with your older loved ones to better understand their financial situation. You can also contact their bank to express your concerns or reach out to your local Adult Protective Services for assistance. Taking action can help protect vulnerable individuals from further harm.