Preventing Elder Financial Abuse

Elder financial abuse is a growing concern — it affects millions of older adults and families every year. This type of fraud can take many forms, from scams by strangers to financial exploitation by someone the individual knows and trusts.

At ESL, we believe protecting older adults starts with awareness, education, and community support. By learning the signs of elder financial abuse and knowing where to turn for help, we can look out for one another and help keep our loved ones and our community financially safe.

What is Elder Financial Abuse?

Elder financial abuse occurs when someone improperly uses an older adult’s money, assets, or personal financial information for their own benefit. This can include everything from identity theft, scams, pressure tactics, or misuse of legal authority that can lead to unauthorized withdrawals.

Elder financial abuse is on the rise — and it doesn’t always come from strangers. In many cases, the person responsible may be a caregiver, family member, or someone else the older adult trusts. That’s why education and open conversations are so important when it comes to prevention.

Recognizing the Signs of Elder Financial Abuse

Elder financial abuse isn’t always obvious, but there are common red flags to watch for. These may include:

Unusual or unexplained bank withdrawals or account activity

Sudden changes in spending habits or financial behavior

Missing money, checks, or personal financial documents

Unpaid bills despite having adequate funds

Pressure to send money, gift cards, or cryptocurrency

Isolation from friends or family members who usually help manage finances

Subtle manipulative, psychological tactics including lying, coercion, or misleading

It’s important to trust your instincts if something doesn’t feel right and encourage open conversations with loved ones about financial safety.

How to Report Senior Financial Abuse

If you suspect elder financial abuse, taking action quickly can help limit financial damage and protect your loved one from further harm. Reporting concerns may feel uncomfortable, but speaking up can make a meaningful difference.

Start with the Financial Institution

If you believe an account may be at risk, contact the financial institution right away. At ESL, our team is here to help assess the situation, provide guidance, and take appropriate steps to protect your accounts and personal information.

Reach Out for Additional Support

Depending on the situation, it may also be appropriate to contact local adult protective services or law enforcement. These organizations are trained to investigate elder abuse concerns and provide support resources when needed.

How ESL Helps Protect Older Adults from Fraud

ESL is dedicated to helping you prevent fraud. We’re here to support members with education, guidance and nonjudgmental assistance every step of the way. Whether you have a question about a suspicious phone call, text, or email, or you’re worried about potential financial exploitation — you don’t have to handle it alone.

Concerns? If you think your account is at risk, call us at 585.336.1000 or 800.848.2265. You can also visit your local branch and start an in-person conversation.

Questions? Email us at Fraud_Prevention@esl.org.