Elder Financial Abuse

Elder financial exploitation is the theft of money, property or belongings from seniors. It occurs when unauthorized or improper actions by an individual use the resources of an older person for personal profit or gain.

Understanding and identifying elder financial exploitation can help you protect yourself, your loved ones, or someone you care for who may be at risk for this kind of abuse.

Elder financial abuse could include:

  • Taking money or property without consent
  • Forging an older person's signature
  • Getting an older person to sign a deed, will, or power of attorney through deception, coercion, or undue influence
  • Using the older person's property or possessions without permission
  • Promising lifelong care in exchange for money or property and not following through on the promise
  • Telemarketing scams. Perpetrators call victims and use deception, scare tactics, or exaggerated claims to get them to send money. They may also make charges against victims' credit cards without authorization.

Resources for Consumers

NCUA Consumer Report: Scams Targeting Seniors

NCUA Consumer Protection Update: Reporting Elder Financial Abuse or Exploitation

NCUA Consumer Tips: Helping Seniors Protect Their Money

Money Smart Money Smart for Older Adults is a an instructor-led financial education training developed jointly by FDIC and CFPB. The module provides awareness among to older adults and their caregivers on how to prevent elder financial exploitation and to encourages advanced planning and informed financial decision-making.

National Center on Elder Abuse (U.S. Department of Health and Human Services)

If you or someone you know is a victim of elder fraud contact the National Elder Fraud Hotline.

Tools and Resources for Credit Unions

How Credit Unions Can Help Fight Elder Financial ExploitationCredit unions can share this one page flyer with their staff to help inform them on how to spot and report possible elder financial abuse.

CFPB age-friendly promotional toolkit for credit unions – CFPB’s resources for credit unions, including information about elder financial exploitation, Suspicious Activity Reports (SARs), age-friendly practices, and consumer education tools.

AARP BankSafe Initiative – This training combines industry knowledge and expertise with a state-of-the-art, online learning experience to help the financial industry better meet consumers’ financial needs and safeguard their assets.

Related Resources