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Fight Back Against Elder Fraud

Date: April 30, 2025
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June is Elder Abuse Awareness Month, as an important reminder to stay informed so you can recognize and report elder abuse in all forms, including financial fraud and exploitation.

Preventing elder fraud starts with awareness. At Wright-Patt Credit Union® (WPCU®), we take a proactive role in securing our elderly members’ accounts and identifying changes in their usual financial behavior. We also encourage all our members to learn about elder fraud and take steps to help protect the older loved ones in their lives.

Get the Facts on Elder Fraud:

  • Older adults are more targeted and lose more money to fraud than any other age group.
  • In 2024, adults in their 70s reported losing a median of $1,000, compared with a median of about $417 reported by those in their 20s.
  • The most commonly reported scams in 2024 were impostor scams. In particular, government impostor scams grew from $171 million in 2023 to $789 million in 2024.
  • Fraud can be especially devastating to older adults, who may not be able to earn back what they lost.
  • Due to underreporting, the scope of elder fraud may be much greater than officials know.

What are the Warning Signs of Elder Fraud?

Scammers use emotional manipulation, fear and deception to prey on older adults. Pay attention to these red flags, which can indicate elder financial abuse:

  • Sudden, unexplained withdrawals or transfers from accounts, including retirement accounts
  • Large purchases that are unexplained or out of character, including gift cards
  • New “friends” or “caretakers” who try to isolate the older adult from family and friends
  • Unpaid bills piling up or new bills coming in
  • Using unusual payment methods such as cryptocurrency or money wire transfers
  • Sudden changes to their will, Power of Attorney and other important legal documents
  • Fear or reluctance when asked about recent financial decisions

How You Can Help

We can all come together to fight against elder fraud and abuse:

  • Stay informed about common scams and share information with the older adults in your life
  • Check in on elderly family, friends and loved ones regularly
  • Speak up if you notice suspicious or unusual behavior
  • Report financial fraud to the Federal Trade Commission (FTC) online at FTC.gov or by calling 1-877-FTC-HELP. Use the Eldercare Locator to contact your local adult protective services agency.

Reporting Fraud Does Make a Difference

Many older adults don’t report fraud because they feel afraid, confused or ashamed. They may believe nothing can be done. However, the sooner fraud is reported, the sooner action can be taken to help and potentially recover lost funds.

As your caring financial partner, WPCU is here to help our members of all ages protect their personal and financial information from fraud. For more helpful and timely fraud prevention tips, tools and resources, please visit our fraud prevention page.​