In 2022, 90-year-old widow Phyllis Weisberg lost $20,000 after cybercriminals withdrew money from her account. Her story, shared by the National Council on Aging, is devastating — but far from uncommon. Financial exploitation is a growing concern for older adults, especially in the age of online scams. Here are steps you can take to help protect your loved ones from elder fraud.

Communicate. In a post-pandemic world, it can be easy to lose touch, but maintaining regular communication is key. Remind loved ones never to share personal or financial information through email, phone calls or text messages. Sign them up for the National Do Not Call Registry at https://www.donotcall.gov and talk openly about common scams targeting older adults.

Appoint a financial power of attorney. Establishing a financial power of attorney is an important step in protecting a loved one’s finances if they become incapacitated. These documents should be completed before they are needed, while the individual is still able to make informed decisions and communicate their wishes.

Rather than relying on a generic form, consider working with an attorney to customize the document to fit your loved one’s needs, whether that includes filing taxes, managing property or handling daily financial matters. Free and low-cost legal assistance may be available through the Eldercare Locator at https://eldercare.acl.gov.

Vet caregivers carefully. If you are seeking help with health care or home management, hire through a bonded agency that uses a thorough screening process. Continue monitoring after hiring by requesting updates regularly and observing interactions in person when possible.
What can I do if elder fraud has occurred?

Alert financial institutions. Contact the individual’s credit union, bank or wire transfer service immediately to request a cancellation or reversal of fraudulent transactions, if possible. At minimum, financial institutions can monitor accounts for suspicious activity. You should also notify the Social Security Administration and the three major credit bureaus — Experian, TransUnion and Equifax — to help limit damage related to identity theft. Report abuse.

If you suspect a loved one is being financially exploited, contact Maine Adult Protective Services at 207-287-1234. Adult Protective Services connects older and disabled adults with programs and services designed to protect their well-being. Abuse can also be reported to the local district attorney’s office. If the fraud involved an online or mail scam, file a report with the Federal Trade Commission or the U.S. Postal Inspection Service.
Offer support. Victims of financial exploitation often experience shame, embarrassment or grief. Be patient as they process their emotions and offer reassurance while helping them navigate next steps. Simple gestures, such as running errands or organizing family gatherings, can help reduce stress during a difficult time.

Create a game plan. Consider holding regular family meetings to discuss budgeting, bill payments and any ongoing financial concerns moving forward.

While elder fraud can be financially and emotionally devastating, proactive planning and open communication can help protect the people you love. Staying informed, recognizing warning signs and putting safeguards in place can reduce the risk of exploitation before it occurs. Most importantly, remind loved ones they are not alone. With support, resources and a plan, families can work together to help older adults remain safe, independent and financially secure.