Protecting Our Elders: How to Spot Financial Fraud Before It's Too Late
- 2 days ago
- 3 min read
Every year, older adults in the United States lose billions of dollars to financial exploitation. These are real people — grandparents, parents, community elders — who worked hard their entire lives only to have their savings targeted by those looking to take advantage.
At Platinum Federal Credit Union, our members are family. And like any family, we look out for one another. This month, in recognition of Elder Abuse Awareness, we want to share what elder abuse & financial fraud looks like, how to catch the warning signs early, and what you can do right now to protect the people you love.
What Is Financial Elder Abuse?
Financial elder abuse happens when someone illegally or improperly uses an older adult's money, property, or assets. It can be carried out by a stranger, but unfortunately, it is often someone the person already trusts, such as a caregiver, a family member, a neighbor, or someone posing as a helpful professional.
It does not always look like an obvious theft. Sometimes it happens gradually, through small transactions, quiet pressure, or confusion about what was agreed to.
Common Scams Targeting Older Adults
Knowing what fraudsters are doing is one of the best defenses. These are some of the most frequently reported schemes affecting seniors today:
The Grandparent Scam: A caller pretends to be a grandchild in trouble — arrested, in an accident, or stranded abroad. They beg for money to be wired or sent in gift cards and ask the grandparent not to tell anyone. The urgency and secrecy are intentional. Panic makes people act before they think.
Medicare and Social Security Fraud: Scammers pose as government representatives and claim there is a problem with benefits, an overpayment that needs to be returned, or that a new card requires verification. They ask for personal information or direct payment to resolve the issue.
Tech Support Fraud: A message or pop-up warns of a virus on the device and provides a number to call. The "technician" requests remote access to fix the problem, then either plants malware, steals financial information, or charges for services never rendered.
Lottery and Sweepstakes Fraud: The older adult receives notice that they have won a prize but must pay fees or taxes first to claim it. No legitimate lottery requires payment before delivering winnings.
Signs That Something May Be Wrong
Financial abuse is not always easy to see, especially from a distance. These are signals worth paying attention to:
Unusual withdrawals or wire transfers, especially to unfamiliar recipients.
Bills going unpaid despite a steady income.
Sudden changes to a will, power of attorney, or account beneficiaries.
A new "friend" or caregiver who inserts themselves into financial decisions.
An older adult who seems anxious, withdrawn, or reluctant to speak freely around certain people.
Missing cash, jewelry, or valuables.
Confusion about recent transactions they do not remember authorizing.
Any one of these on its own may have an innocent explanation. A pattern of them together deserves a closer look.
How to Protect Your Loved One
You do not need to wait for something to go wrong. There are proactive steps your family can take today.
Stay connected. Regular check-ins make it harder for isolation to take hold, and isolation is often what scammers count on. A simple phone call or visit each week builds the kind of closeness that makes an elder more likely to mention something that felt off.
Talk openly about scams. Many older adults feel embarrassed to admit they almost fell for something, or did. Normalizing these conversations removes shame and makes it easier to come forward.
Set up account alerts. PFCU, as well as most other financial institutions, offers transaction notifications that flag unusual activity. These are a low-effort way to catch something early.
Review documents together. Help them understand what they have signed or who has access to their accounts. Fraud sometimes hides in paperwork people do not fully read or remember agreeing to.
Pause before acting. If anything ever feels urgent, that urgency itself is a red flag. Legitimate institutions, government agencies, and loved ones will never pressure someone to act immediately or keep something secret.
What to Do If You Suspect Abuse
If you believe an older adult is being financially exploited, you can report it to your state's Adult Protective Services agency. The National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311) is also available to guide you through next steps. In an immediate emergency, contact local law enforcement.
If the concern involves a PFCU account, please do not hesitate to reach out to us directly by calling us at 404-297-9797, emailing us at memberservice@platinumfcu.org, or even stopping by one of our branches.
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