Financial abuse and older adults

Anyone can fall victim to fraud, but:

Older adlts often have more savings than younger people, meaning the financial losses they suffer can be greater.

They also generally hold more assets and therefore have stronger credit assessments, making it easier for scammers to finance fraud through loans taken out in their name.

In addition, older adults may receive pension payouts and sometimes come into unexpected inheritances or accident compensation. Having these funds stolen can severely impact their quality of life in the years ahead.

The situation of older adults

Older adults did not grow up with today's technology, which continues to evolve rapidly as the world becomes increasingly digital. Seniors are more likely than younger people to fall victim to online fraud and "tech support" scams. In some cases, scammers call and claim to work for a technology company, telling the person that their computer has been hacked. The scammers aim to gain remote access to the person's computer using takeover software to steal their money.

When older adults reach a turning point in life—cutting back on work or retiring altogether—they often find themselves with significantly more free time. This transition, combined with the loss of daily contact with colleagues, can lead to loneliness and boredom. Lonely individuals are more likely to fall victim to romance scams. Those who are bored often seek out excitement, sometimes jumping at investment opportunities that turn out to be scams.

In general, people are more vulnerable to fraud in the months or years following a serious accident or traumatic event. Poor health can also mean that older adults need help from relatives or others to manage their finances—and if that person is untrustworthy, it creates an easy opening for financial exploitation.
 
One example is an adult child who "manages" a parent's finances and fulfills some responsibilities—such as picking up medication, groceries, and other items—while also stealing the parent's electronic ID, taking out loans in their name for personal use, or draining their savings.
This creates an extremely difficult situation, as the parent is both dependent on and deeply attached to the child, leaving them to face financial loss alongside a profound sense of betrayal.

Banks have a range of measures to address online fraud and respond to suspicious activity. You can reach out by phone or email, whichever is most convenient for you. Below are links to information from the major banks on how to protect yourself from online fraud and what to do if you are targeted. Remember, online fraud can happen to anyone—what matters most is taking action.

An example of financial abuse

A few months ago, Andri received a call from an unknown number. The caller asked whether he would like to support poor children abroad. Andri thought it was a worthy cause and asked how he could help. The caller asked for Andri's ID number and full card details, claiming they were necessary to communicate with the bank. Trusting the caller, Andri provided all the requested information. It later came to light that the caller used this information to withdraw significant sums from his card.