Elder Financial Abuse: What Every Family Should Know
By Ruthanne Monteleone, CFP® & Seth Borders CFP®, CPWA®
Every year, older adults lose billions of dollars to financial fraud. Many of these cases go unreported—not because they aren’t serious, but because they’re often difficult to talk about.
We are aware of how financial exploitation can impact families and want to raise awareness of this important issue. That’s why we believe it’s so important to have open conversations and raise awareness—because understanding the risks is one of the most effective ways to help protect what matters most.
Why This Matters
It’s easy to believe that financial scams are something that happen to someone else—not to you, not to your family.
Unfortunately these types of scams have affected individuals in our community.
We’re sharing this information to help raise awareness and protect others from similar experiences.
In one situation, what started as something simple—clicking what appeared to be a routine antivirus software update—quickly escalated. That single click unknowingly gave scammers access behind the scenes. What followed was a sophisticated and emotionally charged attack: the client was told they were implicated in illegal activity and would be arrested if they didn’t act immediately.
In another case, the entry point looked very similar. But this time, the narrative changed. The client was told that “bad actors” had compromised their information, and that in order to protect their assets, they needed to transfer funds into gold through a “secure” process with the so-called “good guys.” They were reassured they would get everything back.
From the outside, these situations may seem like obvious scams. But when you are in the moment—when there is urgency, fear, and pressure—it becomes much more difficult to recognize what’s happening.
These experiences are not shared to create fear, but to raise awareness. Because the reality is, these types of scams are evolving—and they are designed to feel real.
Common Types of Financial Scams
Phishing Attacks
Emails, texts, or phone calls that appear to come from trusted organizations requesting personal information.
Ransomware
Malicious software that locks access to devices or files until payment is made.
Authorized Payment Scams
Situations where individuals are persuaded to send money themselves under false urgency.
Cryptocurrency Scams
Fraudulent investment opportunities involving digital assets that are difficult to recover.
Pop-Up & Tech Support Scams
Fake alerts prompting action for problems that don’t exist.
Warning Signs
Many hesitate to report financial fraud, as they may feel ashamed or afraid. Its Important for family members and caregivers to recognize the following warning signs:
- Unusual withdrawals or account activity
- Sudden changes in financial decisions or behavior
- New individuals becoming heavily involved in finances
- Increased confusion or reluctance to discuss money
- Unexpected changes to financial or legal documents
- Lack of communication or secrecy
If something feels off, it’s worth taking a closer look.
Steps You Can Take Today
- Review bank and investment accounts regularly
- Be cautious of urgency or pressure tactics
- Avoid sharing sensitive information digitally or over the phone
- Maintain ongoing conversations with trusted professionals
The Role of a Trusted Contact
One of the simplest—and most effective—protective steps is adding a trusted contact to your financial accounts.
A trusted contact is someone your financial institution can reach out to if they are unable to contact you or if they suspect unusual activity. This person does not have access to your accounts but serves as an additional safeguard.
We encourage you to take a few moments to review your accounts and confirm you have a trusted contact listed.
What to Do If You Suspect an Issue
- Contact your financial advisor or institution immediately
- Reach out to Adult Protective Services
- Call the National Elder Fraud Hotline: 833-372-8311
A Simple Next Step
Financial protection isn’t just about investments—it’s about safeguarding your future. Awareness is one of the most effective tools for prevention. By recognizing common scams, watching for warning signs, and having open conversations with family members, friends, and trusted professionals, we can help protect ourselves and our loved ones
If something doesn’t seem right, trust your instincts and speak up. Reporting concerns early can make a meaningful difference. As always, Plan & Prosper is here to support you. If you have questions or concerns about protecting your finances, we are here to help.
*The experiences described may not be representative of the experience of all clients. No compensation was provided for these statements. Testimonials are not indicative of future performance or success. This material is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. No strategy or action can guarantee the prevention of financial loss or fraud. Clients should remain vigilant and exercise caution. Cambridge Investment Research, Inc. is a member of FINRA and SIPC.