It seems these days that scams targeting older people are everywhere — online, in person, over the phone. Fraudsters know exactly how to manipulate elderly users, preying on their trust and confusion. They pretend to be helpful, concerned, or even threatening, all with one primary goal: to take their money.
If your elderly parents have been scammed, it can have a devastating ripple effect. Before moving forward, however, it’s important to understand your legal and consumer protection options. Taking the right legal action now can be your strongest defense.
Is it too late?
If your elderly parents were scammed and money was taken, the chances of recovering your losses are slim. But is it too late? No, in fact acting quickly can help limit further damage and prevent future scams. Here are some steps you can take:
Record the Evidence
Start by gathering details of the scam, including dates, names, phone numbers, and emails. How did the scammer make contact? Did they pressure your parents? Most importantly, how was the money transferred? Bank accounts, gift cards, wire transfers — the more you document, the stronger your case.
Report the Fraud
Call the National Elder Fraud Hotline (833-372-8311), and contact the bank to flag suspicious activity and freeze accounts if necessary. If the scam involved identity theft, report it to the Federal Trade Commission (FTC) and credit bureaus. These actions can prevent further losses.
Review Financial Documents
Scammers often make smaller, recurring withdrawals to stay under the radar. Checking statements for unusual transactions can reveal the extent of the fraud and uncover additional activity. If you find anything suspicious, dispute the charges with the bank or credit card company immediately. Some fraudulent transactions can be reversed if caught early.
Add Financial Safeguards
Helping with financial responsibilities doesn’t mean taking away your parents’ independence — it means adding safeguards. Even small steps like enabling fraud alerts, automating bill payments, and setting spending alerts can make it harder for scammers to strike.
However, if managing everything alone is overwhelming, consider hiring professional help. A private elder care fiduciary or money manager can provide:
- Daily money management: Financial discussions, monitoring accounts, help with day-to-day tasks like writing checks, etc.
- Conservatorship: Legal control over your parents’ finances to prevent further scams.
- Trust services: Appoint a trustee to help pay bills, manage income, track expenses and oversee asset distribution.
- Power of Attorney: Allow limited oversight of one bank account to monitor and prevent fraud.
How to Prevent Your Elderly Parent from Being Scammed
Once scammers find a vulnerable target, they usually don’t stop. They may try another scam, pressure victims further, or sell their information to other criminals.
You can empower your parents by explaining common tactics like fake arrest threats, bogus tech support calls, and fraudulent investment offers. Always remind them: if it sounds too good to be true, it probably is.
It’s not always cash
According to the FBI, elder fraud in 2024 cost elderly victims $3.4 billion in self-reported losses.* However, the true cost of elder fraud is much higher.
Some scams steal identities, manipulate interest rates, or rack up hidden fees, ruining credit in the process. A scammer might convince your parents to open a high-interest loan, refinance their home under false pretenses, or sign up for “risk-free” investments that drain their savings.
If this sounds familiar, you may have legal grounds to fight back. Brennan Law, attorney for elder financial abuse in Los Angeles, can review falsified contracts, challenge fraudulent claims, and hold criminals accountable. If a scam cost your parents money, Brennan Law has the legal expertise to help them move forward.
*Since many older adults never report scams, the AARP estimates actual annual losses at $28.3 billion due to underreporting.