BBB: Recognizing the Warning Signs of Elder Financial Abuse Could Prevent a Devastating Scam

Financial exploitation often begins with subtle changes in behavior, finances, or relationships. The Better Business Bureau says family members are frequently the first line of defense.

By-Hank Stolz

Photo-submitted

Worcester, MA-As scams targeting older adults continue to grow in sophistication, the Better Business Bureau is encouraging families to remain vigilant for signs that a loved one may be experiencing financial abuse or exploitation.

During a recent Radio Worcester appearance, BBB representatives explained that elder financial abuse often develops gradually, making it difficult to detect until significant damage has already occurred. In many cases, family members, friends, or trusted caregivers are the first to notice that something doesn’t seem right.

According to the BBB, one of the most important steps families can take is to pay attention to unexpected changes in financial behavior or circumstances.

Among the most common warning signs are sudden or unexplained withdrawals from bank accounts, unusual changes to financial records, missing money or valuables, and unpaid bills despite the individual having sufficient funds to cover expenses.

The BBB also cautions families to watch for new individuals who may be exerting unusual influence over an older adult. Scammers often work to isolate victims from family members and trusted advisors while positioning themselves as a new friend, companion, or caregiver.

Changes in behavior can also serve as important indicators. Increased secrecy surrounding finances, reluctance to discuss money, or visible fear, anxiety, or confusion during financial conversations may signal that something is wrong.

While not every unusual financial transaction indicates fraud, experts emphasize that patterns of concerning behavior should never be ignored.

Often, family members notice subtle changes before anyone else. A parent who suddenly becomes secretive about finances, a grandparent who repeatedly sends money to unfamiliar individuals, or an older relative who seems anxious when discussing financial matters may be experiencing manipulation or exploitation.

The BBB encourages families to trust their instincts and initiate conversations when concerns arise.

A simple, caring discussion about finances, recent transactions, or new relationships may uncover a problem before it escalates into a devastating financial loss.

As scammers increasingly target older adults through phone calls, emails, social media, romance scams, impersonation schemes, and fake emergencies, awareness remains one of the strongest tools available to protect vulnerable individuals.

The message from the BBB is straightforward: if something feels off, ask questions.

That conversation could make all the difference.

Warning Signs of Elder Financial Abuse

• Sudden, unexplained withdrawals from financial accounts
• Unexpected changes to banking or investment accounts
• Missing money, jewelry, or valuables
• Unpaid bills despite adequate financial resources
• New friends or caregivers exerting unusual influence
• Increased secrecy regarding finances
• Fear, anxiety, or confusion when discussing money
• Isolation from family members or trusted advisors

What Families Can Do

Start a Conversation

Approach concerns with compassion rather than accusation. Many victims feel embarrassed or fearful and may hesitate to discuss what is happening.

Stay Involved

Regular communication and engagement can help family members identify problems early and provide support before significant losses occur.

Monitor for Changes

Pay attention to new relationships, financial habits, and behavioral shifts that seem out of character.

Report Suspected Fraud

If you believe a loved one is being exploited, contact financial institutions, local authorities, or appropriate protective services as soon as possible.