Protecting Seniors from Financial Exploitation
Each June communities around the world recognize Elder Abuse Awareness Month, an opportunity to raise awareness about the abuse, neglect, and exploitation experienced by older adults. While elder abuse can take many forms, financial exploitation remains one of the fastest-growing threats facing seniors today. According to the World Health Organization, approximately one in six adults age 60 and older experiences some form of abuse each year. Financial exploitation often leaves victims not only with significant monetary losses, but also emotional distress, embarrassment, and a loss of trust.
The growing sophistication of fraud schemes has made older adults particularly attractive targets for criminals. According to a 2025 report from the FBI’s Internet Crime Complaint Center (IC3), complaints from victims over 60 exceeded 201,000 and reported losses were more than $7.7 billion. Complaints increased by 37% and losses by 59% compared to 2024.
At Union State Bank, staff regularly work with customers who have encountered fraud attempts or financial exploitation. According to Stephanie Quiggle, Union State Bank’s Fraud Financial Crimes Manager, some of the most common schemes targeting seniors today include investment scams, impersonation scams, and romance scams.
"We continue to frequently see elder exploitation through scams used to gain trust, steal funds, or obtain sensitive information," Quiggle said. "These scams employ tactics to convey a sense of urgency or sometimes intimidation to convince customers to send them money, share sensitive information, or participate in fraudulent financial activity."
Common schemes may involve fake investment or cryptocurrency opportunities, fraudsters posing as bank employees or law enforcement officers, or scammers who build relationships over weeks or months before requesting money. Criminals may also use spoofed phone numbers to make calls appear legitimate, request online banking credentials or security codes, or persuade victims to deposit or cash counterfeit checks on their behalf.
Recognizing warning signs can help prevent financial losses before they occur. Quiggle advises family members and caregivers to watch for sudden changes in financial behavior, increased secrecy surrounding finances, or the involvement of unfamiliar individuals in a senior's financial decisions.
"Common red flags include confusion about transactions, unexplained withdrawals, multiple gift card purchases without a clear purpose, or requests to make payments using gift cards," Quiggle explained. "Instructions to text or email photographs of the front and back of a gift card are significant warning signs and are commonly associated with fraud and scams."
Prevention begins with communication and awareness. Quiggle encourages seniors and their loved ones to stay engaged in financial matters, regularly review account activity, and use strong security measures to protect online accounts. She also recommends approaching unsolicited phone calls, emails, text messages, and requests for personal information with caution.
"Do not allow someone to pressure you to act immediately," Quiggle said. "If something seems suspicious, talk with a trusted family member, friend, or financial professional before rushing to make significant financial decisions."
If financial exploitation is suspected, acting quickly can make a meaningful difference. Victims or their family members should immediately contact their financial institution, preserve relevant records, and report the incident to local law enforcement.
"Any time there is fraud or theft involved, report the matter to law enforcement and your financial institution as soon as possible," Quiggle advised. "Early intervention may help limit losses, protect assets, and prevent further exploitation."
Elder Abuse Awareness Month serves as an important reminder that protecting older adults requires vigilance from families, financial institutions, and communities alike. By recognizing warning signs, maintaining open communication, and responding quickly to suspicious activity, we can help ensure that seniors remain safe, respected, and financially secure.