Recognizing and Preventing Elder Financial Fraud
June 8, 2026
Elder financial exploitation affects thousands of families each year and often remains undetected until substantial losses have occurred. Financial abuse can take many forms, including manipulation by trusted individuals, unauthorized access to bank accounts, misuse of assets, or fraudulent schemes designed to target older adults who may depend on others for care or assistance.
Because financial exploitation frequently develops over time, warning signs can be easy to miss. Families may not recognize a problem until money has been withdrawn, assets have been transferred, or important financial decisions have already been made. Identifying concerns early and taking proactive steps may help reduce the risk of significant financial harm.
Discovering that a loved one may be the victim of financial exploitation can be both upsetting and overwhelming. Understanding common risk factors, recognizing suspicious activity, and seeking guidance when concerns arise can help families protect vulnerable individuals and preserve their financial security.
At the Law Offices of Julie A. Schejbal, CHTD, we understand the challenges families face when concerns about financial abuse arise. We help clients in Dunkirk, Maryland, and throughout Calvert County, Prince George's County, Charles County, and St. Mary's County evaluate their options and take steps to protect vulnerable loved ones and their financial well-being. Contact us today to learn how we can assist you.
Financial Changes Are Often the First Warning Sign
Elder fraud often begins with small, unexplained financial changes that may not appear suspicious at first glance. These changes can escalate over time, especially when someone outside the family gains access to financial accounts or decision-making authority.
In many elder fraud situations, early warning signs may include:
Unexplained withdrawals: Sudden cash withdrawals or transfers may indicate unauthorized access.
Missing funds or valuables: Personal belongings or money may disappear without a clear explanation.
New joint account holders: Unexpected changes to bank accounts may suggest improper influence.
Sudden financial decisions: Large purchases or transfers made without family knowledge may raise concerns.
Unfamiliar charges or subscriptions: Unknown transactions may indicate misuse of financial accounts.
As these financial patterns develop, you might begin to notice changes in communication or behavior as well, which may also signal potential elder fraud.
Behavioral Changes May Indicate Possible Exploitation
While financial records often reveal elder fraud, behavioral changes in older adults may provide additional warning signs. Individuals experiencing financial exploitation may act differently due to pressure, confusion, or manipulation by others. In some cases, elder fraud may involve emotional control or isolation tactics that prevent family members from becoming aware of financial activity.
Behavioral warning signs may include:
Increased financial secrecy: A loved one may become unwilling to discuss money matters.
Sudden isolation from family or friends: Reduced contact may suggest outside influence.
Anxiety or fear around financial discussions: Emotional distress may appear when money is mentioned.
Confusion about financial documents: Difficulty understanding statements or transactions may occur.
Uncharacteristic trust in new individuals: A sudden reliance on new acquaintances may raise concerns.
As behavioral patterns shift, you may also notice changes in legal or financial documents that could signal deeper issues involving elder fraud.
Legal Documents May Be Altered Without Proper Oversight
Another common form of elder fraud involves changes to legal documents such as wills, powers of attorney, or beneficiary designations. These changes may occur when someone gains undue influence over an older adult or gains control of financial decision-making. Because these documents carry significant legal weight, improper changes may have lasting consequences.
Legal document concerns may include:
Sudden updates to wills: Last-minute changes may exclude family members or redirect assets unexpectedly.
Unexplained changes to a power of attorney: Authority may be transferred without clear justification.
Altered beneficiary designations: Life insurance or retirement accounts may be redirected improperly.
Signatures made under pressure: Documents may be signed without full understanding or voluntary consent.
Missing documentation history: Lack of explanation for changes may raise concerns about validity.
As legal documents change, you may begin reviewing financial accounts more closely to identify additional indicators of elder fraud.
Technology and Online Access May Increase Vulnerability
Digital banking and online financial tools have made managing money more convenient, but they may also increase exposure to elder fraud. Older adults who are unfamiliar with digital systems may be more vulnerable to scams or unauthorized access to accounts. In many cases, financial exploitation now involves online activity rather than only physical transactions.
Common digital risk factors may include:
Shared passwords or account access: Unauthorized individuals may manage online accounts.
Phishing emails or scam messages: Fraudulent communication may trick individuals into sharing personal information.
Remote access software installations: Outside parties may gain control of devices or accounts.
Unusual online banking activity: Transactions made without a clear explanation may appear in account history.
Unrecognized digital subscriptions: Automatic payments may be set up without full understanding.
As technology-related risks increase, prevention often depends on education, monitoring, and early detection of suspicious behavior linked to elder fraud.
Financial Caregivers and Trusted Individuals May Sometimes Be Involved
Elder fraud is not always caused by strangers. In some situations, individuals who were originally trusted to provide care or assistance may misuse their access to financial resources. While many caregivers act responsibly, misuse of authority can still occur when oversight is limited.
Risk factors involving trusted individuals may include:
Control over finances without supervision: A caregiver may manage accounts without accountability.
Isolation from other family members: Reduced communication with relatives may limit oversight.
Unexplained financial transactions: Caregivers may make purchases or withdrawals without explanation.
Pressure to change financial arrangements: Influence may be used to alter legal or financial decisions.
Dependence on a single individual for financial management: Lack of shared oversight may increase risk.
As you become aware of these risks, early monitoring and communication often play a key role in preventing elder fraud from escalating further.
Reach Out to Us Today for Elder Fraud Support
At the Law Offices of Julie A. Schejbal, CHTD, we understand how difficult it can be to suspect financial exploitation involving a loved one. If you’re in Dunkirk, Maryland, or in Calvert County, Prince George’s County, Charles County, or St. Mary’s County, our attorney is available to discuss your concerns and help you review your legal options. Reach out to us today.