Elderly financial exploitation refers to the act of taking advantage of older adults’ financial resources through deceptive or fraudulent means. Scammers target seniors with the intention of gaining access to their money, assets, or personal information.

Scammers employ various tactics to exploit the elderly financially. These may include phone scams, where they pose as government officials or representatives from financial institutions to trick seniors into revealing sensitive information. Other tactics include investment fraud, identity theft, lottery scams, and fake charities.

Scammers often use manipulation techniques to gain the trust of elderly individuals. They may pretend to be friendly, caring, or knowledgeable, creating a sense of familiarity and authority. They exploit seniors’ loneliness or desire for companionship, making it easier to deceive them into sharing personal and financial details.

Family members and caregivers play a vital role in protecting elderly individuals from financial exploitation. They should maintain open communication with seniors, educating them about common scams and warning signs. Regularly monitoring financial statements, ensuring legal documents are in order, and limiting access to personal information can also help prevent exploitation.

If elderly individuals suspect financial exploitation, they should immediately report it to their local law enforcement agency and state Adult Protective Services. It is also advisable to consult with an attorney specializing in elder law to understand their rights and options for recourse.