The impact of elder financial abuse is profound. While abuse can come from known perpetrators like caregivers or family members, scams carried out by strangers are also a major threat. In fact, the Federal Trade Commission estimated that criminals stole as much as $61.5 billion from adults age 60 and over in 2023 alone. With World Elder Abuse Awareness Day coming up on June 15, it's a timely reminder that we can take steps to prevent the financial exploitation of older adults. 

Encourage older adults in your life to add a trusted contact to their financial accounts. This person won’t have access to make transactions but can be notified if there’s suspicious activity or if the account holder can’t be reached. 

Freezing credit is an important way to prevent unauthorized accounts from being opened in their name. Additionally, help reduce exposure to phone-based scams by setting up robocall and text message blockers through their mobile carriers or reputable apps. 

Small actions like these can go a long way to protecting the financial well-being of older adults and ourselves. 

Learn how to spot and avoid scams with AARP Fraud Watch NetworkTM. Suspect a scam? Call our free helpline at 877-908-3360 and talk to one of our fraud specialists about what to do next. 

Need a scam prevention speaker for your group? Click the link to fill out our online form or send an email to me@aarp.org.