Protecting Older Adults From Scams and Financial Abuse

Financial abuse can come from strangers, caregivers, professionals, neighbors, or family members. It may involve stolen money, pressured gifts, fake investments, unpaid loans, excessive charges, misuse of power of attorney, or threats.

Warning signs

• Unusual withdrawals, new credit cards, missing checks, or unpaid bills.
• New "friends" isolating the person or asking for money.
• Caregivers refusing to leave the person alone with family.
• Sudden changes to wills, deeds, beneficiaries, or account access.
• Fear, confusion, secrecy, or shame about money.

Prevention steps

Use direct deposit, account alerts, trusted contacts, limited account access, bill review, credit freezes where appropriate, and regular family check-ins. Keep powers of attorney clear and choose agents carefully. The CFPB's guide on planning for diminished capacity and illness is a useful starting point.

Report concerns

The CFPB's reporting elder financial abuse guide explains prevention, recognition, recording, and reporting steps. If there is immediate danger, call emergency services. For suspected abuse, contact Adult Protective Services or local law enforcement. The Eldercare Locator can help identify local resources.

Caregiver hiring safeguards

Use written agreements, background checks where allowed, reference checks, limited cash access, and clear rules about errands, cards, keys, and gifts. Never let one paid helper become the only person who sees the older adult.

Use YouRetire tools

Keep emergency contacts and trusted decision-makers organized in the dashboard. If hiring a caregiver, use the caregiver agreement generator and document expectations clearly.