Recognizing and Preventing Elder Financial Abuse

June is Elder Abuse Awareness Month. June 15 is World Elder Abuse Awareness Day.

Elder abuse can take many forms: physical, emotional, and even financial. At TEG Federal Credit Union, we believe in protecting the most vulnerable members of our community, especially older adults who may be at risk. With June marking Elder Abuse Awareness Month and World Elder Abuse Awareness Day on June 15, it’s an important time to shine a light on the warning signs of elder financial abuse and how we can all help prevent it.

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What is Elder Abuse?

Elder abuse refers to any knowing, intentional, or negligent act by a caregiver or another person that causes harm, or serious risk of harm, to an older adult. All 50 states have laws in place to help prevent elder abuse, but awareness is key to stopping it before it escalates.

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What is Financial Elder Abuse?

Financial elder abuse is one of the most common and devastating forms of abuse. It involves the unauthorized or improper use of an older adult’s funds, property, or assets. Often, it goes undetected until it’s too late.

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Warning Signs of Financial Elder Abuse

Some common red flags include:

• Uncharacteristic purchases or large withdrawals
• Unpaid bills or missed appointments
• Unusual behavior by a caregiver or companion
• A sudden change in who handles the member’s finances
• A new person added to an account or insisting on creating a new one

At TEG, our staff is trained to look for signs like irregular banking activity and interactions that don’t feel right. If something seems suspicious, we know it’s okay to ask questions, politely, respectfully, and with the member’s best interests at heart.

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Questions We May Ask

To help protect our members, we might ask:

• “Can you tell us more about these wire transfers?”
• “Do you need help managing any unpaid or overdue bills?”
• “Would you prefer to handle your banking privately today?”
• “Would you like information on you has access to your account and how to remove someone if needed?”

These questions aren’t meant to be intrusive, they’re meant to protect.

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Common Scams That Target Seniors

Unfortunately, scammers often target older adults through:

• Romance scams
• Fake lottery or contest winnings
• Impersonation of grandchildren or government officials

And sometimes, the abuser is not a stranger; it could be a family member, friend, or caregiver. Abuse can come from people of any background, gender, or relationship.

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How You Can Help

If you suspect elder financial abuse, whether you’re a family member, friend, or neighbor, don’t ignore it. Report it to local authorities, Adult Protective Services, or a trusted financial institution. At TEG, we’re always here to help.

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Together, We Can Make a Difference

Raising awareness is the first step toward prevention. This June, take a moment to check in with the older adults in your life. A small act of care can go a long way in protecting them from harm.

If you have concerns about a loved one’s financial well-being, don’t hesitate to reach out to a member of our team. Your voice could be the one that helps stop elder abuse before it starts.

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