Elder financial exploitation (EFE) is the illegal or improper use of an older adult’s funds, property, or assets. It can involve Elder Theft which is a scheme involving the theft of an older adult’s assets, funds, or income by a trusted person (i.e., family members and non-family caregivers).​

What to Watch Out For

Whether you’re an elderly individual or a concerned loved one, pay close attention to these red flags:

• An older adult with known physical, emotional, or cognitive impairments may be a target, especially if they are vulnerable to manipulation, coercion, or reduced ability to assess any financial situation.​
• A relative or caregiver begins conducting financial transactions without proper documentation, often using consistent pressuring or intimidation, and proceeds without the older adult’s knowledge.​
• An older adult suddenly seems scared, frustrated, under duress, or under the influence of someone in a trusted position or relationship with the older adult.​
• An unexplained depletion of account fund balances, or abrupt close-outs of retirement accounts, certificates of deposits (CDs), or other long-term investment accounts.
• An unexplained increase in the older adult seeking out loans to meet their basic needs of daily living, or at the instruction of someone else.

What you can do: ​

• If you can, have an open discussion with your older loved one. ​
• If you are over the age of 65 or have known medical conditions that place you at risk for impairment in the future, plan your affairs early with someone you trust and feel safe with. Share this plan with your financial institutions when the time comes.​

Concerned you or a loved one has been involved in Elder Financial Exploitation?

Contact a Rally Credit Union representative at 361-986-4500 or 1-800-622-3631, or visit a local branch. We can help assess your involvement and determine next steps.