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.
(opens new window)Money Smart for Older Adults (opens new window) 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.
AARP BankSafe Initiative (opens new window) – 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.