Financial exploitation of older adults involves two main types of crimes: financial abuse by someone the elder knows and trusts, and financial fraud committed by strangers. Both can cause serious financial, physical, and emotional harm.
Financial abuse often involves family members, caregivers, or trusted professionals misusing their access to an elder’s money or property. This includes abusing powers of attorney, stealing debit or credit cards, forging signatures, coercing elders through threats, or misusing guardianship. Caregivers or nursing home staff may also steal valuables or pressure elders into giving up financial control.
Financial fraud usually involves strangers using scams to trick older adults out of money. Common scams include fake romance schemes, impersonation of government agencies, fraudulent lottery winnings, tech support scams, fake family emergencies, and investment fraud promising high returns.
The U.S. Department of Justice emphasizes that victims are never to blame—only the criminals are responsible. Legitimate government agencies will never threaten you or demand money to “protect” your assets. That's another scam.
The DOJ provides resources to help recognize abuse and fraud and encourages reporting suspicious activity to protect elders. Tools like the Elder Abuse Resource Roadmap guide victims to the right help. Understanding common scams and abusive tactics is key to prevention and community safety.
For more information or to report elder financial exploitation, visit the Elder Justice Initiative's Financial Exploitation page.
Courtesy of the US Department of Justice
