According to the Consumer Financial Protection Bureau, suspicious activity tied to elder exploitation typically occurs more than four months before it’s detected. That means what starts as a small request or a simple transaction can gradually turn into something much bigger.

How It Often Begins

It might start with a phone call that creates urgency, a request for help from someone familiar, a series of small withdrawals or transfers, or a new person becoming involved in financial decisions.

In many cases, the person behind the fraudulent activity isn’t a stranger. Data shows that losses are often higher when the older adult knows the person involved—averaging as much as $50,000. What makes these situations especially difficult is they involve the betrayal of trust.

How Money Moves

Most cases of elder financial abuse involve money transfers. These transactions can look ordinary at first glance, which makes them hard to spot. Worse, even when irregularities are spotted, they often go unreported. In fact, fewer than one-third of cases are reported to authorities.

Here’s a simple idea you can share with your loved ones to help prevent fraud: Pause. Ask. Protect.

• Pause - Take a moment before acting, especially when someone tells you a financial matter is urgent. It’s OK to take a step back.
• Ask - If something feels off, talk it through with someone you trust—a family member, friend or credit union representative. It’s OK to ask questions.
• Protect - Never share personal or financial information unless you’re completely confident it’s safe to do so. It’s OK to say no.

At Consumers Credit Union, we understand that these situations can be complex and deeply personal. We’re here to help to help you ask the right questions and safeguard your money.

Sources:
American Association of Credit Union Leagues
Consumer Financial Protection Bureau, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends