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Elder Financial Abuse and What to Watch For

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Elder financial abuse is more common than many people realize, and it often happens quietly. Across the country, financial institutions have reported over 180,000 suspicious cases involving older adults, totaling more than $6 billion in potential or actual losses. * What makes this even more concerning is how these situations unfold. Many cases don’t happen at all at once. They build overtime, sometimes over months, before being detected. In many cases, the person responsible is someone the victim knows and trusts. In this blog, we’ll go over how elder financial abuse starts and how you can help your loved ones protect what matters most.  

How Financial Abuse Begins

In most cases, elder financial abuse doesn’t start with a major event. They start with a phone call that feels urgent, a request that feels slightly off, or a situation that doesn’t quite add up. According to the Consumer Financial Protection Bureau, suspicious activity tied to elder exploitation typically occurs over an average of four months before it’s detected. And if the person who’s responsible is someone they know, the losses can be even higher, sometimes averaging around $50,000 per case.  

How Money Moves During Financial Abuse

Most cases involve money transfers. These transactions can look ordinary at first glance, which is why they can be hard to spot. Worse, even when spotted, it isn’t always reported. In fact, fewer than one-third of cases are reported to authorities, so situations continue longer than they should. Nearly 80% of reported elder financial exploitation cases involve an actual financial loss, with the average loss exceeding $34,000, and in some cases, losses exceed $100,000.  

Pause. Ask. Protect.

Older adults are often targeted by financial exploitation because they may be more trusting, live alone, or manage significant savings and assets. Recognizing the warning signs and knowing when to pause can help prevent financial loss before it happens. Whether you’re looking out for yourself or helping protect a loved one, these three simple steps can make a difference whenever something doesn’t seem right.
  1. Pause
If a financial request feels urgent, unexpected, or unusual, take a moment. Pressure is one of the most common tactics used in financial exploitation. Financial abusers often create a false sense of urgency, hoping you’ll make a quick decision before you have time to think. Whether it’s a phone call, text, email, or social media message, taking a few minutes can make all the difference.
  1. Ask
 If you’re unsure whether a request or transaction is legitimate, don’t make the decision alone. Talk with a trusted family member, friend, or Eastex Credit Union. A quick conversation can help you spot red flags before money or personal information is lost. Call us at 409-276-2525 or stop by a branch if you have suspicion of fraud. One of our team members will be happy to help.
  1. Protect
Keep your personal and financial information private, and never share passwords, PINs, online banking credentials, or one-time security codes unless you’re certain it’s safe. Remember, it’s always okay to say, “I need time to think about this,” or “I’d like to speak with my credit union first.” A few extra minutes can help protect your finances and your peace of mind.  

Protect Your Loved Ones

At Eastex Credit Union, we’re here for those moments. Whether it’s a transaction, a phone call, or a situation that doesn’t feel right, you can always reach out to us before taking the next step. We understand that these situations can be complex and deeply personal. We’re here to help you ask questions, take a closer look, and protect what matters most.  
*Source: Consumer Financial Protection Bureau, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends
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