Elder financial exploitation is an alarming and often hidden issue that affects many older adults and vulnerable individuals. It can happen through scams, pressure from someone the person knows, unauthorized access to an account, or manipulation by someone who gains trust over time.
Financial exploitation can be difficult to spot because it does not always look like theft at first. It may start with an urgent phone call, a suspicious text message, a new person helping with money decisions, or an unusual request to move funds quickly.
How to Help Prevent Elder Financial Exploitation
Elder financial exploitation can come from scammers, cybercriminals, caregivers, acquaintances, friends, or even family members. Scammers may use phishing emails, phone calls, text messages, social media messages, fake emergencies, or AI-generated impersonation scams to pressure someone into sharing information or sending money.
The good news is that there are practical steps you can take to help protect yourself or a loved one. Account alerts, strong login habits, trusted contacts, and credit monitoring can all help catch suspicious activity sooner.
What to Know
Scammers often use fear, urgency, or emotional pressure. For example, someone may call and say a grandchild is in jail, a bill must be paid immediately, or an account will be closed unless money is sent right away.
These scams are designed to make the person act before they have time to verify the story. That is why one of the best defenses is simple: pause, verify, and use a trusted communication channel before taking action.
Warning Signs of Financial Exploitation
- Unexplained account activity, wire transfers, or large withdrawals.
- Urgent requests for money, gift cards, cryptocurrency, or payment apps.
- A new friend, caregiver, or acquaintance becoming involved in financial decisions.
- Requests to keep financial transactions secret.
- Hesitation, confusion, or discomfort during financial transactions.
- Sudden changes in banking patterns, spending, or account access.
- Missing checks, unpaid bills, or unfamiliar account changes.
Steps That Can Help Protect Older Adults from Financial Exploitation
Set Up Account Alerts
People Driven Credit Union members can set up account alerts in online and mobile banking. These alerts can help members monitor balances, transactions, and account activity on the accounts they choose.
Members may also receive email alerts for certain online banking changes, including:
- Email address changes.
- Logins from a new device.
- Mobile phone number changes.
- Password changes.
- Username changes.
These alerts can provide an early warning if someone is trying to access an account or change important account information.
Use Secure Login Features
Members should use strong, unique passwords for online banking and email accounts. In mobile banking, members may also be able to enable a 4-digit PIN on their device for easier secure access.
Do not share your online banking username, password, PIN, verification code, or security information with anyone. PDCU will never ask you to provide your full online banking password by phone, email, or text.
Add a Trusted Contact
A trusted contact can provide another layer of protection. This is someone PDCU may be able to contact if suspicious activity or possible financial exploitation is identified.
A trusted contact does not automatically become a joint owner and does not automatically receive access to account funds. Joint ownership and Power of Attorney are separate arrangements that may provide account access and should be considered carefully.
If you are helping an older adult or vulnerable loved one, ask PDCU about trusted contacts, joint ownership, or Power of Attorney options so the right safeguards are in place.
Monitor Credit Activity
PDCU members can use SavvyMoney Credit Score through online and mobile banking. This free service helps members understand their credit score, view their credit report, receive credit monitoring alerts, and watch for signs of identity theft.
Credit monitoring can help identify suspicious credit activity early, which may reduce the financial impact of identity theft or fraud.
Protect Email Accounts
Email accounts are often connected to financial accounts, online banking alerts, password resets, and sensitive personal information. Protecting email access is an important part of protecting financial accounts.
- Use a strong, unique email password.
- Do not click unexpected links or attachments.
- Be cautious with urgent messages involving money or account access.
- Verify unusual requests using a known phone number or trusted contact method.
- Never send personal information, account numbers, or login credentials by unsecured email.
Beware of AI-Enabled Scams
Scammers are now using artificial intelligence to create more convincing emails, text messages, images, and voice impersonation scams. A phone call may sound like a loved one. A message may look like it came from someone you trust. The request may seem urgent.
Before sending money or sharing information, stop and verify the request. Call the person directly using a number you already know. Do not rely on the phone number, link, or contact information provided in the suspicious message.
What You Can Do if You Suspect Abuse
- Speak Up – Ask gentle but direct questions about the situation.
- Document What You See – Keep records of unusual activity, suspicious messages, names, dates, and transaction details.
- Pause the Transaction – Encourage the person to slow down before sending money, buying gift cards, moving funds, or sharing account information.
- Contact Authorities – If you suspect abuse, contact local law enforcement or Michigan Adult Protective Services.
- Reach Out to PDCU – If you believe a member’s finances are at risk, we can help review account activity, discuss available safeguards, and connect you with next steps.
How PDCU Helps Protect Members
Our team is trained to watch for unusual or suspicious activity that could indicate financial exploitation. Protecting vulnerable members is one of our most important responsibilities. That means listening carefully, asking questions, and taking time to confirm when something does not feel right.
PDCU also offers tools that can help members monitor and protect their accounts, including online and mobile banking alerts, secure login options, trusted contact guidance, and SavvyMoney Credit Score.
Recent Success Story
Financial exploitation can be difficult to detect, especially over the phone. Recently, our E-Services Team helped protect an older member who called to check his balance because he believed his nephew was in jail and needed bail money.
One of our team members noticed that something did not seem right. She encouraged the member to pause and gather more information, then contacted our Risk Department. Our Risk team confirmed it was a scam, helped the member understand what was happening, and connected with another family member to help prevent future scam attempts.
More Ways to Protect Yourself and Your Loved Ones from Financial Exploitation
Financial exploitation can happen quickly, but small safeguards can make a big difference. Set up alerts, monitor accounts, protect online access, and talk with loved ones before a scammer creates an emergency.
For more information on how to protect your personal and financial data online, visit our Fraud Alerts page.
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John Scharff is the Digital Marketing Lead at People Driven Credit Union, where he helps create clear, practical financial content for members and the communities PDCU serves. He focuses on making financial topics easier to understand, from loans and savings accounts to digital banking, fraud prevention, and everyday money management.
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