Elder Financial Abuse

Posted on 09/22/20

When it comes to scams and fraud, we are often looking out for the unknown con artists. But most financial crimes against older adults are perpetrated by someone they know. Financial exploitation is the most common form of elder abuse in the US, and the average victim loses $120,000. We also know this crime is severely underreported.

Social isolation is a significant risk factor for financial abuse, and one of the best ways to combat it is maintaining regular contact with your older loved ones. Some telling signs of financial abuse include sudden changes in mood or behavior, or new financial issues like overdue bills or maxed out credit cards.

If you suspect your older loved one is suffering from financial exploitation, contact Adult Protective Services in your area for guidance and support. If you fear your loved one is in danger, call 911.

Be a fraud fighter!  If you can spot a scam, you can stop a scam.

Visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork  or call the AARP Fraud Watch Helpline at 1-877-908-3360 and speak to trained staff or volunteers for help with a fraud encounter.

This story is provided by AARP Maine. Visit the AARP Maine page for more news, events, and programs affecting retirement, health care, and more.

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You can find CDC’s latest coronavirus information at cdc.gov/coronavirus; AARP information and resources are at aarp.org/coronavirus. En español, visite aarp.org/elcoronavirus.

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