In a recent alert that’s raising national concern, the FBI reported a staggering 43% increase in elder fraud-related financial losses, totaling nearly $4.9 billion in 2024. One of the most impacted states was Texas, which alone accounted for roughly $490 million in losses. These crimes not only exploit seniors financially but also erode their sense of security and trust. If you or a loved one has been affected, speaking with an experienced elder law lawyer may help you explore potential legal remedies and protective measures moving forward.
Common Scams Targeting Seniors Today
As digital communication continues to evolve, so do the tactics of scammers. Some of the most common elder fraud schemes today include romance scams, where scammers build emotional connections on dating sites or social media before asking for money to cover fake emergencies or travel. Tech support scams are also widespread—seniors may be told their computer is infected, prompting them to pay for unnecessary remote access services that give the scammer access to sensitive data.
Government impersonation is another frequent tactic, where callers pose as representatives from the IRS, Medicare, or Social Security and threaten arrest or benefit suspensions unless immediate payment is made. In prize or lottery scams, victims are told they’ve won a large sum but must pay upfront fees or taxes to claim the prize. Perhaps most heartbreaking is caregiver or family exploitation, where trusted individuals use manipulation, gain access to bank accounts, or misuse legal tools like powers of attorney for their own financial gain.
How To Prevent Elder Fraud
Education and awareness are the most powerful tools in preventing elder fraud. Seniors and their families can take several proactive steps:
- Never Share Personal Information Over the Phone: Legitimate government agencies will not ask for Social Security numbers or payment via phone or email.
- Enable Two-Factor Authentication: This simple step can prevent unauthorized access to bank and email accounts.
- Regularly Monitor Financial Accounts: Frequent review of bank statements and credit reports can help catch unauthorized activity early.
- Establish Checks and Balances: Assigning financial oversight to more than one trusted individual can help reduce the risk of caregiver or family exploitation.
Legal Recourse For Victims And Their Families
Victims of elder fraud may have more legal options than they realize. Civil lawsuits, recovery through insurance, or criminal charges against perpetrators are sometimes possible. An elder law lawyer may assess the situation and determine if a legal claim can be filed to recover losses. They can also help implement additional protections, such as financial guardianship or court-monitored trusts, to avoid future incidents.
In many cases, early legal intervention can stop ongoing abuse or even reverse unlawful transfers of assets. For families concerned about ongoing financial exploitation, consulting legal counsel is often the first step toward restoring both peace of mind and financial stability.
Fighting Back Against Financial Exploitation
With elder fraud reaching historic highs and scammers becoming more sophisticated, it’s paramount to stay informed, take preventative steps, and know where to turn for help. If your firm assists seniors and families in managing these difficult situations, you may benefit from greater visibility in your region.
List your firm today with Estate Planning Pros to reach individuals actively seeking legal guidance for elder protection and estate concerns. As awareness grows around the financial risks older adults face, having trusted professionals available is more important than ever. Join our professionals and become a valuable resource in your community’s fight against elder fraud.