Stop Elder Financial Abuse Ahead of World Elder Abuse Awareness Day

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.

Report scams to local law enforcement. For help from AARP, call 1-877-908-3360 or visit the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork.

With about 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50-plus and their families in the Commonwealth. To learn more about how AARP Virginia is working in your community, like us on Facebook at www.facebook.com/aarpvirginia and follow @AARPVa on X at www.X.com/aarpva.

 AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.