Elderly fraud, also known as elder financial abuse, is when someone takes advantage of an elderly person’s vulnerabilities to gain access to their finances or assets. This can be through scams, theft, or coercion.

Some signs of elderly fraud include sudden changes in financial behavior, such as large withdrawals or transfers, unexplained account activity, and new accounts or credit cards being opened. Other signs may include isolation from family and friends, sudden changes in mood or behavior, and unexplained physical injuries.

Elderly individuals who are isolated, have cognitive impairments, or are dependent on others for care are at higher risk for elderly fraud. However, anyone can be a victim of fraud, regardless of age or overall health.

Prevention of elderly fraud involves staying informed about common scams and being vigilant about any suspicious activity. It’s important to establish a system of checks and balances, such as having multiple people involved in financial decision-making and regularly monitoring account activity. Additionally, maintaining social connections and avoiding isolation can help prevent fraud.

If you suspect elderly fraud, it’s important to report it to the appropriate authorities, such as the police or Adult Protective Services. It’s also important to contact financial institutions and freeze accounts if necessary. Seeking legal advice may also be beneficial.