Elder Financial Exploitation: Recognizing and Preventing Scams and Abuse

Investment fraud is the most common type of elder financial exploitation, accounting for over 50% of all reported cases.

All of the above are signs that an elderly person may be a victim of financial exploitation.

All of the above are ways to prevent elder financial exploitation.

All of the above are steps you should take if you suspect that an elderly person is being financially exploited.

Affinity fraud is the most common type of investment fraud that targets elderly people. Affinity fraud occurs when a scammer gains the trust of an elderly person by posing as a member of the elderly person's community or social group.

Identity theft is when someone uses another person's personal information without their permission.

Identity thieves can get access to an elderly person's personal information through phishing scams, by stealing mail or wallets, or by dumpster diving.

Elderly people can protect themselves from identity theft by shredding all financial documents before throwing them away, using strong passwords and changing them regularly, and being cautious about clicking on links in emails or text messages.

Telemarketing fraud is when someone calls an elderly person and tries to sell them a product or service that they don't need, pretends to be from a government agency or a charity, or asks for their personal information.

Some of the signs that a telemarketing call may be a scam include the caller asking for personal information, the caller offering a free prize or gift if you buy something, and the caller using high-pressure sales tactics.

If you receive a suspicious telemarketing call, you should hang up the phone immediately, don't give out any personal information, and report the call to the Federal Trade Commission (FTC).

Home repair fraud is when a contractor takes money from an elderly person for home repairs that they never do, does shoddy work on an elderly person's home, or charges an elderly person an inflated price for home repairs.

Some of the signs that a home repair contractor may be fraudulent include the contractor asking for a large down payment upfront, the contractor not being licensed or insured, and the contractor offering a very low price for the work.

If you suspect that a home repair contractor is fraudulent, you should not sign any contracts, not give the contractor any money, and report the contractor to the local Better Business Bureau (BBB).

Elder abuse is any act that causes physical, emotional, or financial harm to an elderly person, including neglecting an elderly person's basic needs and exploiting an elderly person's finances.

Some of the signs that an elderly person may be a victim of abuse include bruises, cuts, or other injuries, malnutrition or dehydration, and unsanitary living conditions.

If you suspect that an elderly person is being abused, you should contact the local Adult Protective Services agency, report the suspected abuse to the police, and talk to the elderly person's family and friends.