Is Your Loved One Being Financially Exploited? 7 Warning Signs West LA Families Need to Know

Most families who discover financial exploitation say the same thing afterward.

“I thought I was imagining it.”

They noticed something felt off. A missing piece of jewelry. A bank statement that didn’t add up. A caregiver who somehow always seemed to be in the room. But they talked themselves out of it because confronting the possibility that someone is stealing from your parent is genuinely uncomfortable. So they waited.

Here’s what the data says about waiting.

FinCEN reported more than $27 billion in suspicious activity linked to elder financial exploitation in just a twelve month period.^[1] The median loss per victim is $33,000. The mean hits $129,000.^[2] And nearly half of all American adults, 48%, report being a victim or intended victim of financial exploitation at some point in their lives.^[3] In the vast majority of cases the perpetrator is someone the senior already knows and trusts.

That’s the part that makes this so hard. It’s rarely a stranger.

Warning Sign 1: Cash or Valuables That Can’t Be Accounted For

Jewelry that can’t be found. A savings account that’s lower than it should be. Cash that just seems to disappear. These things get written off as memory lapses all the time. Before you assume your parent is forgetting things, do a calm walkthrough and pull a few recent bank statements. The numbers don’t forget.

Warning Sign 2: Changes to Financial Documents or Legal Paperwork

Has a will been recently updated? Has a new name appeared on a bank account or a power of attorney? Exploitation usually follows a pattern. First comes the relationship, then comes the access. Any unexplained changes to financial or legal documents are worth a conversation with an attorney or adult protective services.

Warning Sign 3: Unpaid Bills Despite Plenty of Income

When a parent who has always handled their finances responsibly starts falling behind on utilities or rent, the money is going somewhere. If they can’t clearly explain where, that’s a signal worth following.

Warning Sign 4: A New Best Friend Who Seems Very Involved

Exploitation almost always follows a period of accelerated relationship building. A new neighbor who’s suddenly very present. A handyman who now has a key. A caregiver who seems to go everywhere with your parent. Rapid attachment is worth a closer look, especially given that AARP research confirms that 10% of older adults experience some form of elder abuse each year, with financial exploitation being the most common type.^[4]

Warning Sign 5: The Caregiver Controls the Communication

If a caregiver consistently answers the phone before your parent can, intercepts the mail, or is always in the room during your visits, that’s not caregiving. That’s control. A healthy caregiver relationship doesn’t require any of that.

Warning Sign 6: Your Loved One Seems Nervous Around a Specific Person

Seniors who are being exploited often show subtle changes around the person doing it. They get quieter. More careful with their words. Visibly uncomfortable when that person’s name comes up. If your parent gets defensive when you ask about a specific caregiver or friend, pay attention to that.

Warning Sign 7: Personality Changes That Came Out of Nowhere

Depression, withdrawal, sudden irritability in someone who was previously even-keeled. These can all be symptoms of exploitation. The DOJ took more than 300 enforcement actions against 700 defendants who collectively stole $700 million from 225,000 older victims in a single year.^[5] Financial abuse at that scale doesn’t happen to people who aren’t showing signs. The signs just often get missed.

How We Help Families Navigate This

I’m Phil Mason, owner of Home Helpers Santa Monica. When a family calls me concerned about a caregiver situation, whether it’s ours or someone else’s, I don’t hand them off to a hotline and wish them luck. We talk it through. If you’re worried about someone in your parent’s life, call us. Even if you’re not a client yet. That conversation is always free.

What To Do If Something Feels Wrong

Trust the feeling first. Then act.

• WISE & Healthy Aging Elder Abuse Prevention Program: (310) 394-9871
• LA County Adult Protective Services: (877) 477-3646
• National Elder Fraud Hotline (DOJ): 1-833-FRAUD-11

These are free resources. You don’t need certainty to make the call. That’s what they’re there for.

Something not adding up? Don’t talk yourself out of it. Call Home Helpers Santa Monica or reach WISE & Healthy Aging at (310) 394-9871. (310) 691-5637SOURCES & ANNOTATIONS

[1] $27 billion in suspicious activity reported to FinCEN in the 12 months ending June 2023. Source: NCUA Interagency Statement / FinCEN. https://ncua.gov/newsroom/press-release/2024/agencies-issue-statement-elder-financial-exploitation/interagency-statement

[2] Median loss per elder financial exploitation victim: $33,000. Mean loss: $129,000. Source: Congress.gov CRS Report. https://www.congress.gov/crs-product/IN12462

[3] 48% of all U.S. adults report being a victim or intended victim of financial exploitation. Source: AARP June 2024 Report. https://press.aarp.org/6-13-2024-AARP-Report-Nearly-Half-U-S-Adults-Targeted-Financial-Exploitation

[4] 10% of older adults experience elder abuse each year; financial exploitation is most common. Source: AARP Research. https://www.aarp.org/pri/topics/work-finances-retirement/fraud-consumer-protection/more-data-needed-address-financial-exploitation-older-adults/

[5] DOJ: 300+ enforcement actions against 700+ defendants stealing $700M from 225,000+ seniors. Source: Congress.gov CRS Report. https://www.congress.gov/crs-product/IN12462