Elder Exploitation
Southeastern Credit Union is here to help our members and the community in the awareness, detection, and prevention of elder financial exploitation. Older adults are targets of this activity due to their trusting nature, higher wealth in retirement accounts, home ownership and other assets.
In cooperation with the state of Georgia’s Division of Aging Services, we would like to assist our members and bring awareness of this growing epidemic.
According to Georgia’s Office of the Attorney General, “Georgia has special laws to protect residents 65 years of age and older, disabled adults who are 18 years of age and older who are mentally or physically incapacitated or have Alzheimer’s disease or dementia, and residents of long-term care facilities. Due to age and/or disability, this population may be at increased risk for abuse, neglect, and exploitation.”
The Department of Justice, reports that in 2025, elder financial exploitation in the U.S. affected over one million older adults, with losses exceeding $2 billion. In the state of Georgia, there were 4,865 reported victims with a loss of $218,218,618.00. Georgia is ranked #8 in the country for total elder fraud losses.
What Defines Elder Financial Exploitation?
The National Committee for Prevention of Elder Abuse defines elder abuse as “any form of mistreatment that results in harm or loss to an older person”.
Financial Exploitation is the illegal or improper use of an older person or vulnerable adult’s funds, property, or resources.
Signs of Financial Exploitation
Lack of affordable amenities, such as food, electricity, medication
Identity theft
Scams
Misuse of funds by an agent appointed under a power of attorney
Paying extremely high costs for caregiving or companionship
Caregiver is in control of the elder/vulnerable adult’s funds but does not provide for the elder/vulnerable adult’s needs
Elder/vulnerable adult has signed over property (home, car, investments), made changes in their will, trust or power of attorney but is confused as to why or what they are signing
Bills are not paid on time even though there are enough funds to pay them
Bank account shows unusual activity or could be overdrawn
Elder is isolated from family and/or friends, lack of socialization
Elder/vulnerable adult is afraid to speak in front of caregiver/companion/family member
Top Scams on Elders and Vulnerable Adults
If you think you may be a victim of financial exploitation, please contact us and law enforcement immediately, urgency is very important. Once your funds are gone, it is unlikely they will be returned.
In the types of scams listed below, the scammer will always express a sense of urgency for you to send them money. They will also have you conceal the truth about who or what the funds are for. They may even stay on the phone with you while you are at your financial institution coaching you on what to say.
Tech Support Scams
Scammers gain access to the victim’s computer by calling the victim stating there are computer problems or through pop-up warnings notifying the victim that there is a virus or security issues with their computer. These pop-up messages are made to look official using copies of logos. When the victim responds or clicks on the pop-up, the scammer can gain access to the victim’s computer. The scammers may ask for the login credentials, usernames and passwords to online banking with financial institutions or could register the victim for online banking.
In order to prevent this computer takeover, the user should never click on any pop-ups, just close the pop-up or shut down your computer. Scammers will impersonate technicians from Microsoft, Apple or any other antivirus program. Unless you are the one who initiated contact for assistance by contacting the legitimate company, no one should be contacting you insisting that you give them online credentials or access to any accounts held at any financial institution.
Romance Scams
A scammer contacts you online, maybe through a dating website, an online game, or social media. These scammers pretend to be someone they are not so they can gain the victim’s trust and then ask for money. The scammer will tell the victim they’ve fallen in love but have some reason why they can’t meet in person. The scammer will start asking the victim to send money so they can meet, deal with an emergency or start a business.
The relationship could go on for months while the scammer gains the trust of the victim. The scammer will also use photos or videos that do not show their true identity. They will not communicate through live video chats because they do not want their true identity to be known.
Here are some signs of a romance scam:
They live far away. They can’t meet in person because they claim to live in another part of the country or to be abroad for business, military deployment or charity work.
They are constantly in contact. They lavish the victim with attention, texting at all hours and promising a life together.
Plans to meet, but something always comes up. Just as they’re finally on their way to meet in person, there’s a last-minute crisis.
They need money for an emergency. The scammer has a sudden medical problem, legal crisis or business disaster; they need cash fast.
Investment Scams
Investment scams offer guaranteed returns with little risk. The greater the investment, the greater the return.
Scammers create websites or apps that mimic legitimate investment platforms, showing false account balances and returns. Victims are convinced to deposit funds through these fake investments, which are then stolen.
Another investment scam may target the victim with promises of exclusive opportunities in cryptocurrency or precious metals (gold or silver). Scammers may claim insider knowledge or guaranteed profits. Often the scammers insist that cash be deposited into a bitcoin ATM.
Government Imposters
Scammers contact the victim by phone or email stating they work for the IRS, Social Security Administration, FBI or another government agency.
The IRS scammer states that the victim owes taxes and if not paid this could lead to their arrest or other legal action. Please be aware that if there is an issue with your taxes, the IRS will send notification to you by postal mail.
The Social Security imposter contacts the victim by phone or email stating that the victim’s social security number has been linked to criminal activity. The scammer could also state that the victim is entitled to an increase in their social security benefits and asks for social security numbers, bank account numbers and usernames or passwords. Please be aware that the Social Security Administration will notify you by postal mail and not ask for your personal information by calling you on the phone or by email.
The FBI (or other law enforcement agency) imposter can contact the victim by phone or email stating the financial institution where the victim financial institution is under investigation and needs assistance. The victim may be instructed to withdraw large sums of cash and deposit to a bitcoin ATM, mail it to a specific address or even leave the cash in a paper bag in their mailbox for pick up. Please be aware that the FBI would never ask for assistance such as this nor ask for cash.
Money Mule Scams
Money mules are people who, at someone else’s direction (usually an imposter/scammer), receive and move money obtained from victims of fraud. Money mules move money through the instructions of the scammer, not knowing that this activity benefits fraudsters. These individuals, even if they don’t realize it, enable fraudsters to harm others.
Some people become money mules after responding to online job ads or social media postings. Other people become money mules after being told they have won sweepstakes or strike up an online relationship. Although the stories money mules are told vary by scheme, fraudsters will ask that the person receive money from people they do not know and forward the money on.
Some fraudsters ask money mules to receive packages containing money or ask money mules to allow funds to be deposited into the money mules’ accounts. Fraudsters may ask money mules to wire money, send and receive money through Cash App, Zelle or other person to person payment systems, purchase gift cards or virtual currency, or even provide someone else with access to the money mules’ accounts.
The illegally acquired money moved by money mules comes from victims of scams, including romance scams, lottery scams, government imposter scams, and technical support scams.
Where to Get More Information
For more information, please visit the following websites or call/contact them by phone.
AARP (American Association for Retired Persons)
Provides free information and videos
Website: www.aarp.org
Adult Protective Services of Georgia
Phone: (866) 552-4464 or (404) 657-5258
Website: aging.georgia.gov
Adult Protective Services of Florida
Phone: (800) 962-2873
Website: myflfamilies.com
National Center on Elder Abuse
Phone: (855) 500-3537
Website: ncea.acl.gov
National Council on Aging (for information and recent scams)
Website: ncoa.org
National Adult Protective Services Association (for information and recent scams)
Website: napsa-now.org
Federal Trade Commission (for information on scams, identity theft, and Do Not Call Registry)
Website: consumer.ftc.gov
Website (Do Not Call): donotcall.gov
Southeastern Credit Union is Here to Help
As your financial institution and a supporter of combatting elder abuse, your safety and well being is of great importance to us. We will do our best to protect you and your assets.
You have the right to make your own financial decisions. Don’t let anyone threaten or intimidate you.
For more information on elder and vulnerable adult abuse and the latest scams and frauds, please visit the Federal Trade Commission website.
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