Understanding Elder Abuse: The Growing Impact on Older Adults

Elder abuse is often hidden behind closed doors, making it difficult to recognize and report. Many victims are dependent on caregivers, family members, or trusted individuals, which can create fear, shame or isolation that prevents them from speaking out.

According to the Centers of Disease Control and Preventions (CDC), approximately 1 in 10 adults age 60 and older living at home experience some form of abuse, neglect or exploitation. Experts believe the real number is likely much higher because many cases go unreported.

What is Elder Abuse?

Elder abuse is defined as an intentional act or failure to act, that causes harm or creates a serious risk of harm to an older adult.  Abuse typically occurs at the hands of someone the older person trusts, such as a caregiver, spouse, adult child or financial advisor.

How Peninsula Federal Credit Union Can Help Protect Older Adults

Financial exploitation is one of the most common forms of elder abuse, and scammers are becoming increasingly sophisticated in targeting older adults through phone calls, emails, text messages, fake investments and even impersonation scams. Having a trusted financial institution can play an important role in helping protect your finances and personal information.

At Peninsula Federal Credit Union, protecting members is a priority. Credit Union staff are trained to help recognize suspicious activity and provide resources that can help older adults and their families stay financially safe.

Forms of Financial Abuse

• Scams and Fraud
• Forged signatures
• Misue of bank accounts
• Pressure to change wills or legal documents
• Theft by caregivers or family members

The Federal Bureau of Investigation reported that more than 100,000 adults age 60 and older were victims of financial fraud schemes in 2023, with adults 80 and older suffering the highest median financial losses. Financial exploitation losses among older adults total billions of dollars annually.

Ways Peninsula Federal Credit Union Can Help

Monitoring for Suspicious Activity
Unusual withdrawals, wire transfers, or sudden account changes can sometimes be signs of financial exploitation. Reviewing monthly statements or regularly reviewing your accounts through online banking allows you to see real-time account activity.

Fraud Alerts and Education
Scammers frequently target older adults with tactics involving fake government agencies, lottery winnings, romance scams and urgent payment requests. The credit union helps to educate members on common fraud schemes and how to recognize warning signs before money is lost.

Secure Digital Banking Tools
Online and mobile banking tools can help members monitor account activity in real time. Features such as transaction alerts, secure login protections and account monitoring provide additional layers of security and peace of mind.

Guidance from Trusted Financial Professionals
Sometimes all it takes is a second opinion. Members are encouraged to speak with a trusted credit union staff before sending large sums of money, sharing personal information or responding to suspicious requests.

Support for Family Members and Caregivers
Family members who notice concerning financial activity are encouraged to help older loved ones stay organized with bills, account reviews and fraud prevention education. Open communication and regular financial check-ins can help identify problems early.

Why Elder Abuse Often Goes Unreported

Many older adults do not report abuse because they may:

• Fear retaliation
• Depend on the abuser for care
• Feel ashamed or embarrassed
• Have cognitive impairments
• Be socially isolated
• Worry about losing independence

In many cases, the abuser is a family member or trusted caregiver, making reporting emotionally difficult.

    Warning Signs Families Should Watch For

• Sudden financial changes
• Withdrawal from social activities
• Fearfulness around caregiver
• Changes in legal or financial documents

Tips to Help Protect Yourself from Financial Elder Abuse

Older adults and caregivers can take proactive steps to reduce the risk of financial exploitation:

Never share account numbers, passwords or personal information with unknown callers

• Most legitimate businesses do not ask for your full account number or personal information over the phone, so if someone is asking for that information HANG UP and call the business directly

Be cautious of urgent requests for money or gift cards

• No legitimate business is going to ask for payment in gift cards and most businesses would send a request for payment via mail with a printed invoice, not request money over the phone.

Review account statements regularly

• Verifying that your transactions are correct is imperative. If you see any transactions that you did not make, call the Credit Union immediately.

Use strong passwords and multifactor authentication when available

• Having a complicated password can be difficult to remember. Keeping them written down in a secure place can give you peace of mind while helping protect your information. NEVER GIVE OUT ANY PASSWORDS OR PERSONAL INFORMATION OVER THE PHONE

Discuss major financial decisions with a trusted family member or financial institution

• Scammers can be very convincing. Do NOT be afraid to discuss what is being asked of you with someone you trust.

REPORT SUSPICIOUS ACTIVITY IMMEDIATELY

Working Together to Protect Our Communities

Preventing elder abuse takes awareness and partnership. Financial institutions, caregivers, families and community organizations all play an important role in helping older adults remain safe, respected and financially secure. By increasing awareness, encouraging open conversations and supporting older adults and caregivers alike, communities can help ensure aging adults do not find themselves suffering from a significant financial loss.

Peninsula Federal Credit Union is committed to helping members protect what matters most through education, fraud prevention resources, and trusted financial guidance. With branches in Escanaba, Menominee, and Laurium, our team is proud to provide local, accessible support. Whether you choose to visit us in person or connect with us by phone. We are here to help protect the financial well-being of older adults across the communities we serve, offering support in the way that’s most convenient for you.

This blog is not on behalf of Peninsula Federal Credit Union.