As we age, protecting our financial well-being becomes just as important as protecting our physical health. Unfortunately, elder financial exploitation is a growing problem that can affect anyone, regardless of income, education, or financial experience. Scammers and even people we know may try to take advantage of older adults for personal gain. The good news is that understanding the warning signs can help you recognize potential threats and take action before significant damage occurs.

What is elder financial exploitation?

Elder financial exploitation occurs when someone improperly uses an older adult’s money, property, or assets for their own benefit. This can be carried out by strangers through scams, but it can also involve family members, caregivers, acquaintances, or trusted individuals who abuse their access or influence.

Financial exploitation can happen gradually over time or occur suddenly through a single fraudulent transaction. Being aware of common red flags is one of the best ways to help safeguard your finances.

Red flags to watch for

Unusual account activity

Keep an eye on your bank and credit card statements. Unexpected withdrawals, large transfers, or purchases you do not recognize may indicate unauthorized activity. Pay special attention to recurring transactions you do not remember approving.

Someone takes an unusual interest in your finances

Be cautious if someone begins taking an unusual interest in your finances or pressures you to give them access to your accounts. Changes such as adding a new authorized signer, granting power of attorney unexpectedly, or modifying beneficiary information without a clear reason deserve careful review.

Pressure to act quickly

Scammers often create a false sense of urgency. You may receive phone calls, emails, text messages, or letters claiming that immediate action is required to claim a prize, avoid arrest, resolve a tax issue, or help a loved one in trouble. Requests for immediate payment are a major warning sign.

Isolation from family or advisors

Financial abusers sometimes try to isolate older adults from people who may notice suspicious behavior. If someone discourages you from discussing financial decisions with family members, friends, attorneys, or financial professionals, proceed with caution.

Missing property or documents

Important financial documents, checkbooks, debit cards, credit cards, or valuables that suddenly disappear may signal potential exploitation. Review your records regularly and store sensitive information in a secure location.

Unpaid bills despite available funds

If bills are going unpaid, utilities are being disconnected, or collection notices are appearing even though sufficient funds are available, it may indicate that someone is misusing finances on your behalf.

What you can do

Simple habits can go a long way toward reducing your risk.

• Review your account statements regularly.
• Monitor your accounts through online or mobile banking.
• Never share passwords, PINs, or verification codes.
• Be cautious of unsolicited calls, emails, or text messages.
• Consult a trusted family member, attorney, or financial advisor before making major financial decisions.
• Verify requests for money independently, even if they appear to come from someone you know.

What to do if you suspect exploitation

If something does not feel right, trust your instincts. Contact your financial institution immediately if you notice suspicious activity. Quick action may help prevent further losses and increase the likelihood of recovering funds.

Think you may have been scammed? Contact our Customer Care Center immediately at 800-497-8168.

You should also consider reporting suspected exploitation to local law enforcement, Adult Protective Services, or other appropriate authorities. Keeping records of suspicious transactions, communications, and documents can be helpful during an investigation.

Related article: 5 Steps to Take Immediately After Being Scammed

Final thoughts

Financial exploitation can happen to anyone, but awareness is one of your strongest defenses. By staying engaged with your finances, monitoring for warning signs, and seeking guidance from professionals, you can better protect the assets you've worked so hard to build.

At National Bank of Arizona, we're committed to helping our clients safeguard their financial future. If you have questions about suspicious activity or would like assistance monitoring your accounts, our team is here to help.