Posted On: June 1, 2026 by Austin Bank in:
Elder Abuse Awareness Month is observed every June to highlight the hidden challenges of elder abuse, neglect, and exploitation, with a specific focus on World Elder Abuse Awareness Day on June 15. This period is dedicated to educating communities on preventing the financial, physical, and emotional abuse of aging adults
What is financial elder abuse?
The illegal or improper use of an elders funds, property or assets. It can deprive seniors of their resources and independence. This type of abuse is harder to notice because it is not always physical and sometimes the victim doesn’t even know it is happening. Perpetrators may be family members, friends, neighbors, caregivers, health care providers, business associates, or strangers.
Who is affected by financial elder abuse?
The age group considered “elder” is 65 and older. It can also affect anyone with mental issues or physical issues.
Elder abuse examples
- Large withdrawals or checks, unauthorized access to debit card, forgeries, changes in their behavior, any “new best friends” or love interest they are sending money to, overcharging.
- Someone comes into the bank cashing a check for an elder with no previous relationship to the customer for an unusual amount or service.
- Caretaker got access to the customer’s debit card and made online purchases or unusual ATM withdrawals without the elder’s consent.
- Customer comes in, sending an unusual wire to an individual with no clear relationship to the customer. When asked about the relationship, they say they have been offered an opportunity to make a large sum of money.
Statistics:
- Seniors lost $61.5 billion to fraud, scams, and financial abuse in 2023.
- People 60+ lost more money to these scams than all other age groups combined.
- One in ten older adults will experience some form of elder abuse each year.
- 60% of elder abusers are most often family members.
- Only one in twenty four cases of elder abuse are reported to the authorities.
- Victims of financial abuse are 300%more likely to die prematurely than those who suffered no abuse.
How to Protect Yourself.
- Do not click on a link or email if you do not recognize the sender. If it sounds too good to be true, IT IS! Do not accept money or services from people who you do not know or are not reputable.
- Be skeptical, and stay connected with others to prevent isolation. Make sure you are in control of your own finances in order to prevent being taken advantage of. Understand that you have rights as an older adult!
Who to contact:
Report any abuse to Texas Adult Protective Services. You can also contact your local branch for guidance.
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