Elder Financial Exploitation and Abuse

What Is Elder Financial Exploitation?

Elder financial exploitation happens when someone takes or misuses an older person’s money, property, or financial resources. Unlike scams from strangers, this type of abuse is often committed by someone the victim knows and trusts — a family member, caregiver, neighbor, or someone with legal authority over their finances.

It can also involve strangers who target older adults through scams, high-pressure sales tactics, or schemes designed to gain access to their money.

This is one of the most common forms of elder abuse, and it often goes unreported because victims may feel ashamed, afraid, or unsure about what is happening.

Warning Signs to Watch For

Signs in Financial Activity

• Unusual or unexplained withdrawals — especially large amounts or frequent small withdrawals
• New people added to bank accounts without a clear reason
• Changes to wills, trusts, or power of attorney documents, especially if the older person seems confused about the changes
• Missing money, valuables, or property
• Unpaid bills even though the person has enough money to cover them
• New credit cards or loans opened in the older person’s name
• Checks or transactions that don’t match the person’s typical spending patterns

Signs in Behavior

• The person seems confused, anxious, or fearful about their finances
• They are reluctant to discuss money or change the subject when asked
• A new “friend” or companion has suddenly become very involved in their financial decisions
• A caregiver or family member is overly controlling about finances or isolates the older person from others
• The person’s standard of living has declined despite having adequate income or savings
• They express fear of a specific person or seem to be under pressure

What Family Members Can Do

Start the Conversation

It can be difficult to talk about money with a parent or older relative, but having open conversations about finances is one of the best ways to prevent exploitation. You might say something like:

• “I want to make sure your money is safe. Can we go over things together?”
• “Have you been getting any unusual phone calls or emails about your accounts?”
• “Is anyone asking you for money or putting pressure on you?”

Help Set Up Protections

• Trusted contact person: Ask the bank to add a trusted contact to the account — this is someone the bank can reach out to if they notice suspicious activity. The trusted contact cannot access the account or make transactions
• Account alerts: Help set up text or email alerts for transactions, balance changes, and new account activity
• Review statements together: Offer to look over bank and credit card statements regularly
• Power of attorney: If appropriate, work with an attorney to establish financial power of attorney while the person is still able to make their own decisions. Choose someone trustworthy

Know the Difference Between Helping and Controlling

Protecting someone’s finances doesn’t mean taking over. The goal is to support their independence while making sure they’re safe. Always respect their wishes and involve them in decisions about their own money.

How to Report Elder Financial Exploitation

If you suspect someone is being financially exploited, reporting it can help protect them. You don’t need to be certain — if something doesn’t seem right, it’s worth reporting.

• Contact your bank: Call us at (866) 626-6004. We take these concerns seriously and can help monitor the account for unusual activity
• Adult Protective Services (APS): Every county has an APS office that investigates reports of elder abuse. In California, you can call your county APS office or the statewide number at 1-833-401-0832
• Local law enforcement: If you believe a crime has been committed, contact your local police department
• California Department of Justice: You can report elder abuse online at oag.ca.gov/elderabuse

Need Help?

If you are concerned about elder financial exploitation — whether it involves your own accounts or a loved one’s — please contact us at (866) 626-6004. You can also visit any Bank of Marin branch in person to speak with a banker. We’re here to help keep our customers safe.