Most of us have an older adult in our lives—a parent, grandparent, neighbor, or friend—who has spent decades working hard, saving money, and building financial security. Unfortunately, those hard-earned assets can make older adults targets for financial exploitation.

Financial abuse of older adults is one of the fastest-growing forms of elder abuse. What’s even more concerning is that many cases go unreported because victims often feel embarrassed, afraid, or dependent on the person exploiting them. The abuse may come from a scammer they’ve never met—or from someone they know and trust.

The good news is that awareness can make a difference. Knowing what to look for and having open conversations with the older adults in our lives can help prevent financial exploitation before it happens.

What Is Elder Financial Exploitation?

Financial exploitation occurs when someone improperly uses an older adult’s money, property, or assets for personal gain. This can include:

• Stealing cash or belongings
• Misusing debit or credit cards
• Pressuring someone to change wills or legal documents
• Taking control of accounts without permission
• Convincing an older adult to send money to a scammer
• Misusing Power of Attorney authority

While many people assume strangers are the greatest threat, financial exploitation is often committed by someone the victim knows—including family members, caregivers, friends, or trusted advisors.

Warning Signs to Watch For

Financial abuse doesn’t always leave visible signs, but there are often clues that something isn’t right.

Changes in the Older Adult’s Behavior

You may notice that a loved one:

• Becomes withdrawn, anxious, or fearful
• Appears confused about finances they previously managed well
• Is suddenly dependent on a particular person
• Seems hesitant to discuss money or financial decisions
• Expresses concern about missing funds or unpaid bills

Warning Signs Involving a Caregiver or Family Member

Be alert if someone around the older adult:

• Insists on speaking for them
• Prevents them from talking privately with others
• Shows unusual interest in their finances
• Controls access to bank statements, mail, or legal documents
• Appears overly involved in financial decisions

Financial Red Flags

Some financial warning signs include:

• Unexpected withdrawals from accounts
• New joint account holders
• Unpaid bills despite adequate income
• Sudden changes to wills or beneficiary designations
• Large gifts to new friends or caregivers
• Unusual wire transfers or gift card purchases

Trust your instincts. If something feels out of character for your loved one, it’s worth asking questions.

Common Scams Targeting Older Adults

Scammers are becoming more sophisticated, and technology has made many schemes harder to recognize.

The “Grandparent” Scam

One of the most alarming scams involves criminals using artificial intelligence to mimic the voice of a grandchild or family member. The caller claims to be in trouble—often after an accident or arrest—and urgently needs money.

The goal is to create panic and prevent the victim from thinking critically.

Government Impersonation Scams

Scammers may pretend to be:

• IRS agents
• Social Security representatives
• Medicare officials
• Law enforcement officers

They often threaten arrest, fines, or loss of benefits unless immediate payment is made.

Online Shopping and Account Scams

Fraudsters send emails or text messages claiming:

• An Amazon order was declined
• A package cannot be delivered
• A bank account has been compromised

Victims are directed to click links or provide account information.

Check Fraud and Money Mule Scams

Someone sends a check, asks the recipient to deposit it, and then requests that part of the money be sent elsewhere. The check eventually bounces, leaving the victim responsible for the loss.

Financial Institution Impersonation

Scammers may claim to be calling from a bank or credit union and ask for:

• Online banking usernames
• Passwords
• Security codes
• One-time authentication numbers

Remember: A legitimate financial institution will never ask for your online banking password or security code over the phone.

Practical Steps Families Can Take

Create a Family Verification Plan

Discuss how family members can verify their identities during emergencies.

For example:

• Establish a family code word.
• Agree on specific personal questions that only family members would know.
• Encourage loved ones to call a known phone number before sending money.

Talk About Scams Regularly

Scammers count on surprise and urgency. Regular conversations can help older adults recognize red flags before becoming victims.

A simple reminder can go a long way:

Slow down. Hang up. Verify.

Encourage Financial Awareness

Help older loved ones:

• Review account statements regularly
• Set up account alerts
• Shred sensitive documents
• Avoid sharing personal information by phone or email

Ask Direct Questions

If you suspect financial exploitation, gently ask:

• Has anyone taken your money without your permission?
• Has anyone pressured you to sign documents you didn’t understand?
• Has anyone prevented you from accessing your own money?
• Has anyone borrowed money and refused to pay it back?
• Has anyone used your belongings without your permission?

Many victims remain silent because they feel ashamed. Compassion and patience can help them feel safe enough to talk.

Local Resources for Lancaster County Residents

If you suspect an older adult is being abused, neglected, or financially exploited, help is available.

Lancaster County Office of Aging

The Lancaster County Office of Aging investigates reports of abuse, neglect, exploitation, and abandonment involving adults age 60 and older. Reports can be made 24 hours a day.

Phone: 717-299-7979
Toll-Free: 800-801-3070
Address: 150 N. Queen Street, Suite 415, Lancaster, PA 17603
Website: lancoaging.org

Pennsylvania Elder Abuse Helpline

Anyone can report suspected elder abuse anonymously through Pennsylvania’s statewide hotline, available 24/7.

24-Hour Helpline: 1-800-490-8505
Website: pa.gov/agencies/aging/report-elder-abuse

Pennsylvania Office of Attorney General – Senior Protection Unit

The Senior Protection Unit investigates fraud, exploitation, and abuse affecting older Pennsylvanians and provides educational resources on preventing scams.

Senior Assistance Helpline: 1-866-623-2137
Website: attorneygeneral.gov/protect-yourself/seniors

Final Thoughts

Growing older should be a time of security, dignity, and peace—not fear and financial uncertainty. By staying informed, recognizing warning signs, and having honest conversations with the older adults we care about, we can help protect them from financial exploitation.

If something doesn’t feel right, trust your instincts. Asking questions, offering support, and reporting concerns could make all the difference in protecting someone you love.