Older adults lose billions each year to scams, fraud, and financial exploitation — and sadly, many cases involve someone they know and trust. Scammers often use phone calls, text messages, fake emergencies, impersonation scams, or high-pressure tactics to gain access to money and personal information.
Knowing the warning signs and staying alert can help protect you and your loved ones from financial abuse.
Warning Signs of Elder Financial Abuse
- Unusual account activity – Large withdrawals, repeated transfers, or purchases that seem out of character
- Pressure to act quickly – Requests to wire money, buy gift cards, or keep financial matters secret
- Sudden involvement from new individuals – Especially if someone begins controlling finances or discouraging communication with family
- Unpaid bills or missing funds – Even when sufficient money should be available
- Changes to banking documents or account information – Unexpected account updates, added names, or unfamiliar signatures
Ways to Help Protect Yourself and Loved Ones
- Monitor accounts regularly – Reviewing transactions frequently can help identify suspicious activity early
- Be cautious with personal information – Never share passwords, PINs, or verification codes with unexpected callers or messages
- Pause before responding – Scammers rely on urgency and fear to pressure victims into acting quickly
- Talk about common scams – Open conversations with family members can help raise awareness and prevent fraud
- Enroll in Visa Falcon Alerts – Receive real-time text alerts for potential suspicious debit card activity to help detect fraud faster
- You can opt-in to receiving fraud alerts within FMFCU Digital Banking by sending a secure message
If something feels unusual, trust your instincts and speak up. Reporting concerns early can help prevent further financial harm.
Explore the AARP Fraud Watch Network Report for the latest fraud trends.
Sources:
AARP Fraud Watch Network – Warning Signs of Elder Financial Abuse
Consumer Financial Protection Bureau – Resources for Older Adults