As we continue our Elder Abuse Awareness Month series, this week we’re focusing on one of the most common—and often hardest-to-detect—forms of elder abuse: financial exploitation.
In these instances, older adults are frequently targeted by scammers, dishonest caregivers, or even trusted friends and family members. At Commonwealth Credit Union, our commitment to protecting our members includes helping you understand the warning signs of this type of abuse and how to take action if something seems off.
Our frontline team members and fraud prevention specialists work every day to protect members from suspicious activity. Here are some of the signs they’ve learned to recognize—and that you should watch for too:
Sudden Changes in Account Activity
Be on the lookout for:
Unusually large or frequent withdrawals
Changes in transaction patterns (like cash withdrawals from someone who’s never used ATMs)
New individuals added to an account or sudden closures
Uncharacteristic purchases or transfers
Bills Going Unpaid
If an older adult has the resources to pay bills but falls behind or ends up with disconnected utilities, it may mean someone else is mismanaging—or misusing—their money.
New “Helpers” Gaining Control
Scammers and even well-intentioned acquaintances may attempt to control financial decisions under the guise of “helping out.” This might include gaining access to online banking, requesting joint account status, or taking over bill payments.
“In several fraud cases we’ve seen, the abuse began as a favor. Someone offers to get groceries, then starts asking for PINs and access. That’s when things escalate,” noted one of our fraud team members.
Emotional or Behavioral Changes
Pay attention if your loved one:
Seems anxious, confused, or secretive about money
Suddenly stops talking about finances they used to manage
Is afraid to speak when another person is present during conversations about money
If you’re worried about financial exploitation, here are steps you can take:
Check in regularly. Don’t be afraid to ask gentle, open-ended questions about money management.
Watch account statements. Look for unusual activity and encourage your loved one to do the same.
Set up alerts and controls. CCU offers tools like account alerts, card controls, and direct deposit to help safeguard accounts.
Know who has access. Make sure powers of attorney and joint account holders are trustworthy and transparent.
Talk to us. Our team is trained to recognize abuse and can help you navigate the next steps confidentially and with care.
Financial exploitation is often silent—but the signs are there if you know how to look for them. As part of our commitment to bettering lives, we’re here to support our members and their families with resources, guidance, and a watchful eye. If you suspect exploitation, call us or reach out to Kentucky’s Adult Protective Services at 1-877-597-2331.
Stay tuned next week as our Elder Abuse Awareness Month series continues with tips on how to respond when you think something’s wrong.
As part of our commitment to protecting older adults, we’re hosting a special seminar with an expert in scam prevention and elder financial safety.
Common scams in Kentucky
Details of common scams
How to protect yourself from scams
What to do if you become a victim of a scam
Shellie A. May, BSN Executive Director, Office of Senior Protection & Mediation Kentucky Office of the Attorney General
📅 June 18th 🕙 10 a.m. to Noon 📍 In-person seminar - Louisville Road Branch Room 157
Join us in learning how to safeguard seniors from fraud and financial exploitation. Your participation could make a difference!