How to Protect Aging Loved Ones from Elder Financial Abuse

Rita Cheng • May 8, 2021
A woman is on the cover of a book about wealth management rules.

Your parents, grandparents, aunts and uncles are growing older, and you may be asked questions about their care. Physical health is a top priority, but financial health is another important factor.


Elders are taken advantage of financially more often than you may realize. You might have seen the media reports about elderly folks being swindled out of their savings, investments, or home. The effects can be devastating and long-lasting.


As your loved ones age, they may need help managing their finances. Unfortunately, knowing when to step in isn’t an easy decision. If you put preventative measure in place and look for warning signs, you can protect your aging loved ones from elder financial abuse.

What is Elder Financial Abuse?

When someone uses the resources of an elder for monetary or personal benefit, profit, or gain, it’s considered elder financial abuse or exploitation.


As your loved ones age, they often have increased wealth, a more trusting nature, and declining physical and cognitive abilities. Those traits is what puts elders at risk for financial exploitation. However, even seniors who are cognitively aware and physically capable of managing their affairs on their own can fall victim to financial abuse. 


The senior person may not know it’s being done. But the result is the same: it can deprive them of access to or use of their benefits, resources or belongings. The abuse can go beyond the simple taking of money or assets and might include coercion, harassment, and threats.

Warning Signs to Watch For

An estimated 37% of U.S. seniors have experienced financial abuse. If someone you love is advanced in age, know the warning signs:


  • Unusual bank account activity, including large, frequent, or unexplained withdrawals, transfers, or purchases
  • ATM withdrawals when the elder has never used an ATM or debit card
  • A new joint account suddenly being opened
  • Friends or family members insisting on accompanying the older person to the bank
  • Sudden appearance or increase of credit card balances
  • Unpaid bills or non-sufficient fund activity
  • New power of attorney your loved one doesn’t understand or remember making
  • Changes in the person’s mood or demeanor


Remember that the abusers aren’t always who you’d expect. It could be someone the senior knows personally, such as a caretaker, family member, neighbor, or friend. But abusers can also include professionals, such as attorneys, bank employees, pastors, and medical staff.

Reporting Suspected Elder Financial Abuse and Exploitation

Even the best prevention won’t stop a determined scammer. If you see a warning sign or have concerns, don’t hesitate to take action. Calling 9-1-1 is best if the senior is suffering a life-threatening situation. For other situations:



It can feel overwhelming, but it’s crucial to report suspected elder financial abuse, even if you don’t think the money or property can be recovered. 

How to Prevent Elder Financial Abuse

Roughly $36.5 billion per year is lost to elder financial abuse. The Consumer Financial Protection Bureau (CFPB) found the risk is higher when a family member or friend is involved. The average loss was $17,000 for financial exploitation by a stranger, but rose to an average of $50,200 when the abuser was a family member or friend.


But there are ways to stop elder financial abuse before it starts. If you’re a senior, take stock of your situation and identify areas in which you may be financially vulnerable. Consider adding a reputable and trusted financial advisor to oversee your financial transactions and decisions. A second set of eyes can help you spot red flags before they become financially devastating.


Setting up automatic bill pay and direct deposit can also decrease the chances of being taken advantage of. And, make sure to plan for future diminished capacity by creating a power of attorney or trust.


Keeping in close contact with elderly friends and relatives can help prevent a financial scam. If you know someone who might be vulnerable, call them on the phone or visit them at home. If you don’t live nearby, ask their neighbors and close friends to check in on them.


When you work together with relatives, neighbors, and community members, you can prevent and stop your aging loved ones from being a victim of elder financial abuse.

SPRING CLEANING FOR YOUR BODY

By Vivian Ashcroft • April 25, 2025
A Refresh for Mind, Body, and Spirit

Maison Psyché Unveils Éclat d’Ombre

April 25, 2025
Maison Psyché, the ultra-luxurious perfume house of the Rémy Cointreau Group, continues to push the boundaries of haute parfumerie with its latest olfactory creation, Éclat d’Ombre. This limited-edition masterpiece is a sensorial journey, infused with deep, woody contrasts that evoke the mystery and richness of time itself. Since its groundbreaking debut, Maison Psyché has redefined the fragrance landscape by marrying the worlds of fine perfumery and exceptional spirits. Through its pioneering process of sublimating essences in Cognac cellars, the House has perfected the art of metamorphosis—blending, transforming, and elevating the rarest raw materials into olfactory treasures. “Maison Psyché draws on its ancestral savoir-faire to create a new level of excellence in perfumery,” shares Catherine Sardin, Managing Director of Maison Psyché. “Our natural, artisanal approach achieves a veritable art of metamorphosis, delivering vibrant, richly aromatic fragrances.”  A tribute to the timeless expertise of Maison Rémy Martin, Éclat d’Ombre pays homage to those who have imparted their wisdom to the House, enriching its craft. As with its predecessors—Alexanor, Belle-Dame, Alcyone, Nymphalis, and Hamadryas—this fragrance embarks on a journey to the heart of Cognac, where nature’s bounty transforms in the depths of the Maison’s revered cellars. A chypre composition of luminous and shadowy elements, Éclat d’Ombre conjures the sensory contrasts of Cognac’s terroir. It oscillates between warm sunlight and cool shade, revealing luscious woody accords and intoxicating floral nuances. The scent is an invitation into a hidden world, where eaux-de-vie and perfume essences evolve in quiet harmony. True to the House’s philosophy, Éclat d’Ombre is the creation of an exceptional duo: Master Perfumer Sophie Labbé and Maison Rémy Martin’s Cellar Master Baptiste Loiseau. “It is a delicate balance of bright citrus, the captivating power of rose enhanced by osmanthus, and the shadowy, earthy freshness of patchouli,” Labbé describes. Loiseau adds, “The time spent in barrels and the metamorphosis in contact with wood imparts a rounder, more elegant character—apricot, creamy textures, and a deep, balsamic intensity.” More than a fragrance, Éclat d’Ombre is an objet d’art. Limited to just 30 numbered crystal flacons, each bottle is adorned with an 18-carat gold cameo—an exquisite symbol of rarity and refinement. This collector’s edition is available exclusively by appointment at Maison Psyché’s Salon at Place Vendôme in Paris and in Cognac, as well as through the House’s private advisors worldwide. For connoisseurs who seek the extraordinary, Éclat d’Ombre is an invitation to experience the alchemy of nature and time—an ephemeral jewel that lingers on the skin, radiant and untamed. Founded in 2021, Maison Psyché stands at the crossroads of nature and luxury, reviving the grand traditions of perfumery with a visionary approach. Rooted in the legacy of Rémy Cointreau, the House is the first to craft its fragrances within Cognac cellars, embracing the transformative magic of oak wood and time itself. Each scent is a living masterpiece—an exquisite fusion of craftsmanship, intuition, and the relentless pursuit of perfection. For those who understand that true luxury is an experience, Maison Psyché is the pinnacle of olfactory artistry.

A FRENCH INSPIRED TRANSFORMATION

By Colleen Richmond • April 23, 2025
Layton Campbell’s Vision at St. Serrant
More Posts