Older adults are frequent targets of scams and exploitation, sometimes by family or caregivers. Early action can limit losses.
Common forms
- Scams by phone, mail or online, including romance and grandparent scams.
- Misuse of power of attorney.
- Undue influence to change wills or titles.
- Caregiver theft.
- Telemarketing and sweepstakes fraud.
Warning signs
- Unusual bank withdrawals or transfers.
- New "friends" controlling finances.
- Missing belongings or documents.
- Sudden changes to wills or accounts.
- Unpaid bills despite income.
What to do
- Contact the bank and place alerts or freezes on accounts.
- Report to Adult Protective Services in your state.
- Report to police if a crime occurred.
- Report scams to the Federal Trade Commission and the FBI Internet Crime Complaint Center.
- Consult an elder law attorney about recovering money or revoking powers of attorney.
Prevention
Review powers of attorney and choose trusted agents. Set up account alerts, monitor statements and keep contact with family. Talk openly about scams and never send money or gift cards under pressure.
Frequently asked questions
Are banks required to report suspected abuse?
Many are allowed or required by state law.
Can stolen money be recovered?
Sometimes, depending on how it was taken and how fast action is taken.