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June is Elder Abuse Awareness Month, a time to bring attention to a growing and often overlooked issue: elder financial exploitation. As the U.S. population continues to age, older adults are increasingly being targeted for scams, manipulation and misuse of funds, threatening both their financial security and independence.

While many think of strangers behind phishing emails or phone calls, elder financial abuse often comes from someone closer to home. Family members, caregivers or trusted acquaintances may misuse access or influence over time, making these situations especially difficult to detect.

What Is Elder Financial Exploitation?

Elder financial exploitation is the illegal or improper use of an older adult’s money, property or assets. It is one of the fastest-growing forms of elder abuse in the country.

Unlike traditional fraud, exploitation may not involve a single scam or event. It can build gradually through trust, access and control — sometimes without the older adult fully realizing what is happening.

The impact can be serious: loss of savings, reduced independence, emotional distress and long-term financial insecurity.

How It Happens

Financial exploitation can take many forms. In some cases, it involves scams from unknown criminals. In others, it involves someone already trusted.

Common scenarios include individuals who:

• Help manage finances or have account access
• Assist with caregiving or daily needs
• Are granted power of attorney or decision-making authority
• Gradually influence or take over financial decisions

Abuse may include unauthorized withdrawals, pressure to sign documents, misuse of funds or sudden changes to financial arrangements.

Because it often develops slowly, it can go unnoticed until significant harm has already occurred.

Warning Signs to Watch For

Recognizing red flags early is one of the most effective ways to prevent lasting damage. Signs may include:

• Unexplained withdrawals or account changes
• Sudden shifts in banking behavior
• A new person frequently involved in financial decisions
• Transfers to unfamiliar accounts or recipients
• Confusion or hesitation during transactions
• Frequent overdrafts or unusual activity

Even small changes in behavior or financial patterns can signal a larger issue.

Steps to Help Prevent Abuse

Simple, proactive steps can help protect older adults and reduce risk:

• Assign a trusted financial helper if needed
• Keep financial documents secure
• Review account statements regularly
• Be cautious with unsolicited calls or messages
• Avoid rushing major financial decisions
• Maintain relationships with trusted financial institution staff
• Use traceable payment methods when possible
• Speak up if something doesn’t feel right

Awareness and routine oversight can go a long way in preventing exploitation.

What Financial Institutions Can Do

Financial institutions play a key role in identifying potential abuse. Staff may notice changes in behavior or transaction patterns that others do not see.

Warning signs may include unusual withdrawals, sudden account changes, third-party involvement in transactions or client confusion during financial activity.

When concerns arise, careful documentation, internal escalation and appropriate reporting can help protect the client and prevent further harm.

What to Do If You Suspect Abuse

If something seems wrong, take action:

• Talk with the individual if appropriate
• Contact Adult Protective Services
• Report suspected fraud to local law enforcement
• File a report with the FBI at IC3.gov

Early intervention can make a significant difference.

Moving Forward

Elder financial abuse is not just a personal issue; it is a community issue. During Elder Abuse Awareness Month, raising awareness, educating others on warning signs and encouraging open conversations can help protect older adults from harm.

By staying alert and informed, we can help preserve financial independence and dignity for those who need it most.