In partnership with the National Center on Elder Abuse at USC, SAGE created resources on elder financial exploitation.
Elder financial exploitation is the illegal or improper use of an older person’s money, property, or assets for another person’s benefit, profit, or gain. One in five older adults experiences this form of abuse. Exploitation can be perpetrated by those closest to us or by strangers, and may result in serious financial loss and emotional distress. This fact sheet addresses fraud and scams, typically committed by strangers.
▶ Fraud is the umbrella term for illegal acts using deception, false promises, or trickery to steal money or personal information from an older adult, causing financial loss. Examples include the unauthorized use of someone’s credit or debit card, stealing someone’s identity and opening accounts in their name, and filing false tax returns to claim a benefit in your name.
▶ Scams are deceptive practices where the perpetrator pretends to be a trusted entity and tricks the victim into turning over their assets or disclosing personal information. Examples include lottery scams that offer winnings but demand upfront taxes or fees, investment scams that offer fake business opportunities, or romance scams that promise love but steal money through deception.
