Family Financial Exploitation

Checked for accuracy by our qualified fact-checkers and verifiers. Find out more about fact-checking at CHOICE The Banking Code of Practice confers a duty on banks to be ...

While there are many types of elder fraud, power of attorney scams are particularly nefarious. Lyne Bien-Aime, a 55-year-old man, is facing charges for an alleged power of attorne...

Topic:Indigenous Australians Financial abuse can include being coerced to hand over cash to loved ones. (ABC News: Tristan Hooft) There are concerns the extent of the financial a...

The time to build security and reduce stress for your loved ones is now, and, while it can seem overwhelming, DIY tools and free community resources are available to help. Making ...

# Romance Scams Target Midlife Women Seeking Connection Romance scams prey on emotionally vulnerable people—particularly midlife women seeking companionship—who are targeted online through dating apps, social media, LinkedIn, and text messages by criminals looking to exploit their empathy and access their money. According to AARP's Fraud Watch Network, these scams have nothing to do with intelligence but rather exploit emotional vulnerability, with criminals using flattery and manipulation to build trust before asking for money. To protect yourself, watch for red flags like requests for money, meetings that never happen, and overly quick declarations of love, and if you or a loved one becomes a victim, report it to the AARP Fraud Watch Network for support and guidance.

A West Hollywood man named James Kantor was sentenced to over four years in prison for his role in a fraud scheme targeting elderly and deceased people, where conspirators forged wills and trust documents to steal estates. The scheme began when one member of the group broke into homes of vulnerable people, and after discovering a deceased resident, the conspirators used stolen personal information to fraudulently access and transfer assets. If you have elderly relatives, especially those you're not in frequent contact with, regularly check in on them and monitor their financial accounts and important documents for suspicious activity.

An 84-year-old woman fell victim to multiple financial scams and frauds perpetrated by accountants, family members, home health aides, and lawyers who exploited her declining memory and trusting nature, stealing thousands of dollars and attempting to gain control of her assets. Her daughter's firsthand account highlights the growing problem of elder financial abuse affecting seniors nationwide as the elderly population increases. Families should protect vulnerable loved ones by monitoring financial accounts, requiring dual signatures on checks, verifying credentials of hired professionals, and maintaining open communication about suspicious requests.

Seniors are vulnerable to various forms of abuse including financial scams, romance schemes, and digital manipulation, with financial abuse by adult children being the most common type encountered by support organizations. According to Trishe Colman, program director for Kings Seniors' Safety in Nova Scotia, elder abuse can affect anyone but is more likely when there's isolation, dependence, or opportunity for power abuse. To protect themselves, seniors are advised to establish a power of attorney with someone they trust and connect with community organizations that provide free resources and safeguards like helping set up secure bank accounts.

# Fraud Summary An elderly retired anesthesiologist in his 80s lost over $8 million to "pig butchering" scams—a romance-based fraud where victims are gradually manipulated into sending money—after being groomed by a scammer posing as "Jessica Li" on Facebook starting in 2021. HSBC's U.S. banking arm is being sued for allegedly ignoring red flags such as large, frequent wire transfers and the customer's advanced age, even after he switched banks when his previous institution restricted his account. To protect yourself, be extremely cautious about unsolicited investment offers from online contacts, never share banking credentials or identification documents with people you've only met online, and alert your bank if you notice unusual activity on your accounts or feel pressured to make large transfers.

A woman discovered her brother, a former Wall Street executive, had failed to pay their 84-year-old mother's $20,000 monthly rent at a luxury senior living facility in Manhattan, despite having access to their mother's $9 million estate from a real estate sale. When the brother ignored repeated requests to resolve the unpaid bills, the sister flew to New York to investigate what turned out to be financial exploitation of their mother with dementia. The cautionary tale highlights how adult children with financial power over aging parents' accounts can mismanage or misappropriate funds, and emphasizes the importance of oversight, clear communication about financial responsibilities, and legal safeguards like power of attorney arrangements that include checks and balances among family members.