Spotting and Stopping Financial Exploitation of Seniors

June is Elder Abuse Awareness Month, a time to raise our voices in defense of older adults in our communities. One of the most pervasive and underreported forms of elder abuse is financial exploitation: a crime that robs seniors not only of money, but often of independence, dignity, and peace of mind. 

As a credit union committed to protecting our members, we believe awareness is the first step in prevention. 

What is Financial Exploitation?

Financial exploitation occurs when someone misuses or takes an older adult’s money, property, or assets without their full knowledge or consent. It can happen through: 

• Scams and fraud: Fake sweepstakes, tech support scams, impersonation of government officials, and phishing emails 

• Unauthorized use of accounts or cards 

• Pressure to sign financial documents like powers of attorney or property transfers 

• “New best friends” or caregivers who isolate and gain access to finances 

• Family members who misuse funds intended for care 

According to the National Center on Elder Abuse, seniors lose billions of dollars each year to financial abuse—and many cases go unreported. 

Why Older Adults Are Targeted

Older adults are often targeted because they may: 

• Live alone or experience social isolation 

• Be managing cognitive decline 

• Trust caregivers, family, or new acquaintances 

• Be unfamiliar with digital banking and online fraud tactics 

These vulnerabilities don’t make them weak; they make them human. That’s why community support and financial literacy are so important. 

Warnings Signs to Watch For

If you’re a family member, friend, or financial caregiver, keep an eye out for:

• Sudden changes in bank balances or banking behavior 

• Unexplained withdrawals or wire transfers 

• Missing checks, credit cards, or account documents 

• A new person showing unusual interest in the elder’s finances 

• Unpaid bills, despite adequate resources 

How Bowater Credit Union Can Help

We take elder financial protection seriously. Here’s how we support our members: 

• Fraud monitoring and alerts: We monitor accounts for suspicious activity and alert members when something doesn’t look right. 

• Member education: Through educational materials, we help members recognize common scams and how to avoid them. Opt-in to email or text messages to make sure you get fraud alerts. 

• Caregiver support: We offer guidance for family members managing an elder’s finances, including tools for setting up shared access or account alerts. 

• Compassionate intervention: If we suspect exploitation, our team is trained to intervene appropriately and connect members with resources. 

What You Can Do

• Talk about it. Conversations about money can be hard, but they’re essential. 

• Stay involved. Call and check in with your loved ones often. 

• Report concerns. If you suspect financial abuse, contact Adult Protective Services or your local authorities. 

• Protect personal information. Encourage safe practices like not sharing PINs, account numbers, or passwords, even with family. 

Let’s Stand Together

Every older adult deserves to live with financial security and respect. During Elder Abuse Awareness Month, and every month, let’s look out for our seniors and help stop exploitation before it starts. 

If you have questions or concerns about your account or loved ones, please contact us. We’re here to help. 

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