Recognizing and Preventing Financial Abuse Among Older Adults

Financial abuse among seniors is a growing concern which often involves scams, unauthorized transactions, or misuse of trust by a close individual. At BankGloucester, we believe awareness is one of the strongest tools for prevention.

Learn about common forms of senior financial abuse, key warning signs, and ways to prevent it.

What to Avoid from Strangers & Scammers

Online Scams – Impersonation scams, romance scams

Investment Fraud – Selling fake products and services, charging unreasonable fees

Sweepstakes and Lottery Scams – Being imposed a winner of something in exchange for a payment

What to Monitor with Close Trusted Individuals

Using funds and assets without authority for personal gain

Misuse of power of attorney for personal gain

Coercion – Influencing seniors to sign over assets

Depriving seniors of their funds – Withholding income or failing to pay their bills

Warning Signs

Unusual changes in bank withdrawals and spending patterns

Unpaid bills despite sufficient funds

A new caregiver or friend who becomes involved in their finances

Sudden changes in a will, trust, or power of attorney

Missing money or valuables

Unexplained transfer of assets to another

How to Prevent Financial Abuse Among Older Adults

Stay connected to older loved ones – Reducing isolation makes it easier to notice changes

Encourage reviewing monthly account statements together

Use Safeguards – Set up account alerts and transaction limits

Being a trusted contact to help with concerns on financial accounts

To learn more about recognizing and preventing financial abuse among older adults:

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Financial abuse can happen to anyone, but being proactive and taking the steps needed can help prevent it. Know the warning signs, be mindful if something doesn’t seem right, and speak openly with loved ones about financial safety. If you have questions or concerns, BankGloucester is here to help.