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Financial management difficulties can be an early warning sign of dementia, with common indicators including missed payments, unexplained cash withdrawals, unusual purchases, and trouble with online banking. A neuropsychologist from the University of Miami notes that while normal aging causes occasional memory lapses, regularly missing payments and confusion about time or people warrant medical evaluation. To protect seniors with cognitive decline, families should set up automated bill pay, use spending trackers with fraud alerts, enable power of attorney arrangements, and remain vigilant against sophisticated scams targeting the elderly.

The Financial Exploitation Prevention Act, a bipartisan bill reintroduced in Congress, seeks to empower banks and financial institutions to detect and halt suspicious activities targeting seniors and vulnerable adults. Financial abuse costs seniors $27 billion annually, and the bill would allow investment companies to delay redemptions during suspected fraud investigations and prevent losses from scams like fake contractor or refinance schemes. The legislation has received bipartisan support, including unanimous approval from the House Financial Services Committee, and experts emphasize that family involvement through regular check-ins, direct deposit setup, and recognizing red flags remains critical to protecting seniors' financial security.

The Financial Exploitation Prevention Act, reintroduced in September by Senators Bill Hagerty (R-TN) and Ruben Gallego (D-AZ), would empower financial institutions to detect and delay suspicious transactions targeting seniors, particularly those involving securities and real estate. Financial exploitation costs U.S. seniors approximately $27 billion annually, and the bill seeks to close existing protection gaps by requiring the SEC to recommend legislative and regulatory changes to combat senior financial abuse, including romance scams and fraudulent home-related transactions.

Illinois passed a new law in 2024 allowing credit unions to contact a client's "trusted contact" (typically a family member) when fraud is suspected, enabling faster intervention in time-sensitive scams that cost American seniors $4.9 billion that year. While this approach can effectively stop scams more quickly than traditional legal channels, experts caution that banks must carefully request trusted contact information to avoid offending customers and must be aware that scammers are sometimes family members themselves. Financial institutions are advised to frame the conversation around sophisticated scamming tactics rather than the customer's vulnerability, and to establish trusted contact lists before fraud occurs.

The DC Attorney General sued Athena Bitcoin, Inc., one of the largest Bitcoin ATM operators in the U.S., for charging undisclosed fees (up to 26%) on deposits and failing to implement adequate anti-fraud safeguards while maintaining a strict no-refund policy for scam victims. According to the investigation, 93% of Athena BTM deposits in DC were scam-related, with victims having a median age of 71 and median loss of $8,000 per transaction (one victim lost $98,000 across 19 transactions). The lawsuit alleges Athena knowingly facilitates fraud, illegally profits from hidden fees, and violates

Regions Bank associates supported seniors in their community through two initiatives on National Senior Citizens Day (August 21). One team assembled care kits with household supplies and personal messages for distribution through the United Way Area Agency on Aging, which serves nearly 11,000 seniors annually; another team delivered homemade cards, treats, and information about elder fraud to residents at an elder-care facility. The efforts focused on combating senior isolation and promoting financial wellbeing and independence among older community members.

Financial exploitation of older adults is rising at epidemic rates through scams, family manipulation, and digital illiteracy, with the FBI reporting over 100,000 victims age 60+ in 2023 and total losses exceeding $3 billion (averaging $35,000 per person). Older adults are particularly vulnerable due to trust, isolation from face-to-face interaction, and a digital divide, with those age 80+ suffering the highest median losses. Common schemes include tech support, grandparent scams, government impersonation, romance scams, and increasingly sophisticated AI-generated voice clones, while many cases go unreported due to shame or involvement of trusted family members

Major financial industry groups, including the CFP Board, are backing the Financial Exploitation Prevention Act, which would allow mutual fund companies to temporarily delay withdrawals if they suspect elder financial abuse. The legislation addresses a growing problem: one in five Americans over 65 has experienced financial exploitation, with seniors losing $4.88 billion to fraud in 2024 alone—a 43% increase from the previous year. If passed, the bill would give financial institutions a tool to pause suspicious transactions and protect vulnerable seniors' savings from predators.