Protecting Our Seniors from Financial Abuse: A Growing Problem We Cannot Ignore

Over the years, our team have helped educate and guide thousands of families to make intelligent financial decisions. One thing I've noticed is that scammers and thieves often target the very people who can least afford to be taken advantage of—our seniors.

Margo and I had a reminder of this recently while travelling on the London Underground. As Margo was walking down a staircase, she suddenly felt someone pulling on the strap of her purse, trying to move it behind her. A group of young people were right behind her and when she quickly grabbed her purse and I asked if she was alright, they immediately scampered off.

Thankfully, nothing was stolen, but it was a reminder that criminals are always looking for opportunities. Sometimes it is a sophisticated online scam. Other times it is something as simple as trying to distract someone and steal a purse or wallet in a crowded public place.

June 15 is Elder Abuse Awareness Day, a reminder that many older people are vulnerable not only to physical abuse but also to financial exploitation.

Many seniors have worked hard, saved diligently, paid off their mortgages, built investments, and accumulated assets over a lifetime. Sadly, that can make them attractive targets for scammers, fraudsters, and even, in some cases, people they know and trust.

The good news is that there are practical steps we can all take to reduce the risk.

Help Strengthen Their Security

Many scams today happen online.

Encourage older family members to use two-factor authentication whenever possible, enable account alerts, use strong passwords, review social media privacy settings, and be cautious about sharing personal information online.

A simple security setting can sometimes prevent a major financial loss.

If Something Doesn't Look Right, Speak Up

If you suspect financial exploitation, don't ignore it.

Report concerns to the financial institution involved, adult safeguarding services, local authorities, law enforcement, or any adviser or professional helping manage the person's finances.

Taking action early can prevent further losses and protect someone from becoming a repeat victim.

Advice for Seniors

Keep an Eye on Your Accounts

Review bank, investment, and credit card statements regularly.

Many financial institutions now offer alerts that notify you when money moves in or out of your accounts. These can provide an early warning if something isn't right.

Plan Before You Need Help

One of the wisest things anyone can do is prepare before a crisis occurs.

Keep important financial and legal documents organized and accessible. Consider appointing a trusted family member or professional who can assist if your health or circumstances change.

This is not about giving up control. It is about creating a safety net.

Protect Your Personal Information

A simple rule can save a lot of heartache:

Never give out passwords, account numbers, security codes, or verification codes in response to an unexpected phone call, email, text message, or pop-up window.

Legitimate organizations will not pressure you to provide sensitive information in this way.

Be Wary of Remote Access Requests

One of the fastest-growing scams involves criminals persuading people to give them remote access to their computer, tablet, or phone.

If someone contacts you unexpectedly and asks to "fix a problem" or "secure your account," stop immediately.

Never allow remote access unless you initiated the conversation and have independently verified who you are dealing with.

A Final Thought

Financial abuse is not just about money. It is about dignity, independence, and protecting people who may be more vulnerable than they once were.

If you have aging parents, relatives, neighbours, or friends, take a few minutes to check in on them. A simple conversation today could prevent a devastating loss tomorrow.

The reality is that most criminals are looking for an easy target. By staying alert, staying connected, and taking a few sensible precautions, we can make it much harder for them to succeed.

Protecting those who helped build the generations that follow us is not just a financial responsibility—it is a moral one.