Elder financial exploitation is more common than many people realize — often happening so quietly that loved ones only discover the damage after significant financial losses have already occurred.

According to the Consumer Financial Protection Bureau, financial institutions nationwide report hundreds of thousands of suspicious cases involving older adults, totaling billions of dollars in potential or actual losses. These situations rarely happen all at once and in many cases, questionable activity has gone on for months before it gets identified.

Financial exploitation often begins small: a phone call that creates urgency, a request for help that doesn’t quite add up, or a series of modest withdrawals that seem harmless on their own. Over time, these actions lead to significant financial harm.

Warning signs may include sudden changes in financial behavior, unexplained withdrawals, or new individuals becoming involved in financial decisions.

Often, the person behind the activity is someone the older adult knows and trusts — a family member, caregiver, or acquaintance. When trust is involved, warning signs can be harder to recognize, and losses are often greater.

The good news is that many cases of financial exploitation can be prevented by slowing down and taking a closer look. One simple approach can make a meaningful difference:

Pause Ask Protect Logo

Pause

Pressure and urgency are common tactics used in financial exploitation. If something seems rushed, unexpected, or unusual, take a moment before acting.

Ask

When a request or transaction doesn’t feel quite right, talk it through with someone you trust or your financial institution. A quick conversation can help you recognize financial exploitation.

Protect

Never share personal or financial information unless you’re confident it’s safe. Trust your instincts — if something feels off, it’s worth another look.

We’re Here to Help

At CEFCU, we’re committed to helping members feel confident and secure in their financial decisions. If you ever have questions or suspect you or a loved one is being targeted by an elder financial exploitation tactic, please visit your closest Member Center or call the Member Contact Center at 1.800.542.3328.

Members can also report suspected abuse, exploitation, or neglect directly to Adult Protective Services (APS) through their 24-hour hotline or online reporting form.

Illinois Members

  • If Suspect is Known: 1.866.800.1409 or 1.888.206.1327 (TTY).
  • If Suspect is Unknown: 1.800.243.5377 or 1.800.964.3013 (TTY)

California Members

Other Resources

The U.S. Department of Justice’s Elder Justice Initiative offers a directory to help find support services — including APS, legal aid, and community resources — in every state and territory.

Knowledge is Protection

Staying informed and taking time to pause can make a powerful difference. By asking questions and involving trusted professionals early, elder financial exploitation can be stopped before it escalates. If something doesn’t feel right, trust your instincts and reach out — support and guidance is available.

Source: Consumer Financial Protection Bureau, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends