How to Protect the Elderly from Financial Exploitation

Tips for Family and Friends:

What are the warning signs of financial abuse?

The key to spotting financial abuse is a change in a person’s established financial patterns. Watch out for these “red flags”:

Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals.
ATM withdrawals by an older person who has never used a debit or ATM card.
Changing from a basic account to one that offers more complicated services the customer does not fully understand or need.
Withdrawals from bank accounts or transfers between accounts the customer cannot explain.
New “best friends” accompanying an older person to the bank.
Sudden non-sufficient fund activity or unpaid bills.
Closing CDs or accounts without regard to penalties.
Uncharacteristic attempts to wire large sums of money.
Suspicious signatures on checks, or outright forgery.
Confusion, fear or lack of awareness on the part of an older customer.
Refusal to make eye contact, shame or reluctance to talk about the problem.
Checks written as “loans” or “gifts.”
Bank statements that no longer go to the customer’s home.
New powers of attorney the older person does not understand.
A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation.
Altered wills and trusts.
Loss of property.

Information is provided by American Bankers Association. For more information please visit:

Protect the Elderly from Financial Exploitation