Elder financial abuse is a growing concern in the United States, affecting thousands of seniors every year. It occurs when someone illegally or improperly uses an older adult’s money, property, or assets. Perpetrators can be family members, caregivers, financial advisors, or scammers. Recognizing the signs of elder financial abuse and knowing how to report it is essential to protect seniors from financial harm.

Signs of Elder Financial Abuse

Before reporting, it’s important to identify potential signs of elder financial abuse. These can include:

• Unusual banking activity – Large or unexplained withdrawals, changes in spending patterns, or unauthorized transactions.
• Sudden changes in financial documents – Modifications to wills, power of attorney, or property deeds without explanation.
• Missing assets or funds – Disappearance of cash, valuable possessions, or investments.
• Unpaid bills despite sufficient funds – Bills piling up when the senior has the means to pay them.
• Social isolation or fear – The elder seems withdrawn, anxious, or scared, particularly around certain individuals.

If you notice these warning signs, it’s crucial to take action.

Who to Contact for Reporting

1. Adult Protective Services (APS)

Each state has an Adult Protective Services (APS) agency responsible for investigating elder abuse cases. You can find your local APS office by visiting the National Adult Protective Services Association (NAPSA) website (www.napsa-now.org) or calling the Eldercare Locator at 1-800-677-1116.

2. Local Law Enforcement

If the abuse involves immediate financial theft or fraud, contact your local police department. Financial exploitation is a crime, and law enforcement can help recover stolen assets and prevent further harm.

3. Financial Institutions

Banks and credit unions have fraud prevention teams that can flag suspicious activity and temporarily freeze accounts if necessary. If you suspect unauthorized transactions, report them to the financial institution immediately.

4. State Attorney General’s Office

Many states have specialized elder abuse units within the Attorney General’s office that investigate and prosecute financial exploitation cases. You can find your state’s office by visiting the National Association of Attorneys General website (www.naag.org).

5. Federal Trade Commission (FTC)

If the abuse involves scams, fraud, or identity theft, report it to the Federal Trade Commission (FTC) at www.reportfraud.ftc.gov.

6. Consumer Financial Protection Bureau (CFPB)

The CFPB helps protect seniors from financial exploitation and scams. You can submit a complaint at www.consumerfinance.gov.

How to File a Report

When reporting elder financial abuse, provide as much detail as possible, including:

• The victim’s name, age, and contact information.
• The suspect’s name and relationship to the victim.
• A description of the suspected financial abuse.
• Any evidence, such as bank statements or suspicious documents.
• Contact information of witnesses, if available.

Reporting financial abuse early can help prevent further losses and ensure the elder receives necessary legal and financial protection.

Preventing Elder Financial Abuse

While reporting abuse is crucial, prevention is just as important. Here are some steps to help protect seniors from financial exploitation:

• Encourage open discussions about financial matters with trusted family members.
• Monitor financial accounts regularly for unusual activity.
• Set up automatic bill payments to reduce reliance on others for financial management.
• Beware of unsolicited phone calls, emails, or visitors asking for money or personal information.
• Work with a reputable attorney or financial advisor to establish legal protections like a power of attorney.

By staying vigilant and proactive, we can help protect older adults from financial abuse and ensure their financial security.