Elder Financial Abuse Awareness
by Grand Savings Bank
June 3, 2025
Each year, more than 8 million cases of elder financial abuse are reported in the U.S. At Grand Savings Bank, protecting our customers’ assets is top-of-mind. Read on as we share the most common forms of elder financial abuse and how to avoid them!
Common Scams
Some of the most common forms of elder financial abuse include scams from the unlikeliest of sources, such as the government or charitable organizations. A few of the worst offenders are:
Charity Scams. Criminals claim to work for legitimate charitable organizations to gain victims’ trust, and then they scam their victim by requesting and accepting a “charitable donation.”
Technical Support Scams. Often, someone poses as a technology support representative as a means to gain remote access to victims’ devices and sensitive information.
Government Impersonation Scams. Perhaps most commonly, criminals will pose as government employees and threaten to arrest or prosecute victims for something innocuous, such as missed jury duty, unless they agree to provide funds.
Home Repair Scams. Criminals appear in person and charge homeowners in advance for home improvement services that they never provide.
Grandparent Scams. A type of confidence scam where criminals pose as a relative—usually a child or grandchild—claiming to be in immediate financial need.
Family or Caregiver Scams. Relatives or acquaintances of the elderly victims take advantage of them or otherwise get their money.
How to Avoid Common Scams
Mindfulness is the simplest way to avoid being scammed. Stay diligent by:
Be cautious of unsolicited phone calls, mailings, and door-to-door services offers.
Never give or send any personally identifiable information, money, gold or other precious metals, jewelry, gift cards, checks, or wire information to unverified people or businesses.
Resist the pressure to act quickly – scammers create a sense of urgency to produce fear and lure victims into immediate action.
Awareness and diligence are the best weapons against elder financial abuse. Read more here.
