While elder financial abuse is common, many people don’t realize the signs until it’s too late. Financial exploitation often begins with small, seemingly innocent actions — new “friends” showing interest, unpaid bills piling up, or ATM withdrawals from someone who’s never used a card before.
But soon these issues escalate to clear red flags — and the damage may be permanent. You might notice sudden large withdrawals from bank accounts, unusual wire transactions, or outright forgery. When scams and financial manipulation happen, aging and retired adults can quickly lose the money they’ve spent a lifetime saving.
If you’re suspecting elder financial abuse, or know a loved one has been taken advantage of, understanding the warning signs and knowing what to do next can help you take action.
What to watch for
When something feels off with a loved one’s finances, don’t ignore it. While no single elder financial abuse sign proves something is wrong, suspicious activity is still worth investigating. And when multiple signs appear, it’s time to intervene and take the next steps.
Start by looking closely at their bank accounts. Are there large or unexplained transfers? Have there been frequent ATMs withdrawals, especially by someone who rarely used an ATM before? The sudden appearance of new accounts, or closing savings products without explanation, can also indicate trouble.
Watch for changes in relationships, too. A new “helper” or overly involved friends — especially ones eager to accompany your loved ones to the bank — can be a red flag. So can unexpected gifts or “loans” made to people no one in the family recognizes.
Finally, keep an eye on the paper trail. Are bank and credit card statements going to a new address? Have new credit cards appeared without explanation? Are there suspicious signatures on checks and other documents? If so, these changes may form a pattern that points to financial exploitation or abuse.
Is this your mom or dad?
Sadly, elder financial abuse often happens quietly — behind closed doors and over time. If your aging parent has been taken advantage of, you may not realize it until large amounts of money are missing, or their financial situation has drastically changed.
If you believe your loved one has been a victim of elder financial abuse, don’t wait. Robert F. Brennan, Los Angeles elder financial abuse attorney, can help you understand your options and determine the next steps. As a leader in consumer protection law, he has successfully litigated numerous elder abuse cases and is ready to fight for your rights.
To report suspected abuse in California, contact your local county Adult Protective Services (APS) office or law enforcement agency. To take further action, file a complaint with the Federal Trade Commission (FTC) at reportfraud.ftc.gov or by phone at 1-877-FTC-HELP, or report internet-related fraud with the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov. For identity theft, visit IdentityTheft.gov to file a report and begin recovery.