Financial exploitation of seniors refers to the act of deceiving, manipulating, or taking advantage of older adults for financial gain. This can include scams, fraud, identity theft, and other forms of abuse that target the vulnerable financial status of seniors.

Seniors are often targeted for financial exploitation due to factors such as cognitive decline, isolation, loneliness, and a lack of awareness about modern scams and fraud. They may also have significant savings or assets, making them attractive targets for criminals.

Common scams targeting seniors include fake lottery or sweepstakes winnings, grandparent scams, Medicare or health insurance fraud, investment schemes, and telemarketing scams. These scams often involve convincing seniors to provide personal information, send money, or make investments that are too good to be true.

Seniors can protect themselves from financial exploitation by staying informed about common scams, never sharing personal or financial information with strangers, being cautious with unsolicited calls or emails, and seeking advice from trusted family members, friends, or professionals before making financial decisions.

Family members and caregivers can protect seniors by regularly monitoring their financial activities, educating them about potential scams, helping them set up strong passwords and privacy settings, and establishing a trusted relationship with their financial institutions to receive alerts or notifications about suspicious activities.

Some warning signs of financial exploitation in seniors include sudden changes in banking or financial documents, unexplained withdrawals or transfers, unpaid bills despite having enough funds, sudden appearance of new friends or caregivers showing undue interest in their financial matters, and confusion or anxiety about financial matters.

If financial exploitation is suspected, it should be reported immediately to local law enforcement or adult protective services. Document any evidence or suspicious activities, including financial records, emails, or phone conversations. Seeking legal advice and contacting the senior’s financial institution can also be helpful in resolving the situation.