Busey Bank | Spotting and Preventing Elder Financial Abuse

Each year, financial exploitation costs older Americans billions—and the numbers are only growing. According to the Federal Trade Commission, older adults may have lost as much as $61.5 billion to fraud in 2023 alone. That staggering figure is more than just a number—it represents real people, real families and real life savings.

At Busey Bank, we recognize June as Elder Abuse Awareness Month, and we’re committed to protecting older adults from financial harm. Whether you’re a retiree, a caregiver or simply someone who cares about the wellbeing of aging loved ones, understanding the risks—and knowing how to respond—can make a significant difference. 

Common Types of Elder Financial Abuse

Elder financial abuse can take many forms, often carried out by strangers, but sometimes even by trusted individuals like caregivers or family members. Some of the most common tactics include:

• Scams and fraud. These may involve lottery or sweepstakes scams, tech support fraud, romance scams or impersonation of government agencies like the IRS or Social Security Administration.
• Unauthorized withdrawals or transfers. This could be someone accessing an elderly person’s account without their knowledge or understanding.
• Abuse of power of attorney or joint accounts. When someone misuses their legal authority or account access for personal gain.
• Pressure to make financial decisions. Seniors may be coerced into changing their wills, making large gifts or signing over control of assets.

Warning Signs to Watch For

Financial abuse is often hidden or hard to detect until significant damage is done. Keep an eye out for these warning signs:

• Unusual bank activity. Large or frequent withdrawals, especially from new locations or by unfamiliar individuals.
• Sudden changes in financial habits. A senior who was once cautious with money now appears confused or overly generous.
• Missing possessions or funds. Personal items or large sums of money disappear without explanation.
• Changes to legal documents. Updates to wills, powers of attorney or account beneficiaries that seem out of character.
• Social isolation. Abusers may try to separate the victim from trusted family or friends to maintain control.

How You Can Help Prevent Elder Financial Abuse

Whether protecting yourself or someone close to you, here are some proactive steps you can take:

• Stay informed and vigilant. Talk openly about scams and share information with friends and family.
• Use secure banking tools. Enable transaction alerts, set up account limits and consider appointing a trusted co-viewer—not co-owner—of accounts.
• Limit access. Be careful with joint accounts and power of attorney designations. Always consult with a professional before making legal changes.
• Report concerns early. If something feels off, trust your instincts. Speak up and seek help from a trusted advisor or financial institution.

Busey Bank Is Here to Help

At Busey, safeguarding your financial wellbeing is our top priority. Our teams are trained to recognize red flags and act when we suspect fraudulent activity. We offer tools like account monitoring, fraud alerts and enhanced security features to help protect you and your loved ones. Additionally, as your trusted financial partner, we are here to educate, support and empower you through every stage of life.

If you have concerns about elder financial abuse or want to learn more about how we can help, contact our Customer Care team, reach out to your Relationship Manager or visit your local Banking Center. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.