Elder abuse is an intentional act—or failure to act—that causes harm or creates risk of harm to a person age 60 or older in a relationship of trust. It is fundamentally a breach of trust.
Forms of abuse include:
Financial exploitation is one of the most prevalent forms of elder abuse. Estimates suggest one in five Americans over age 65 has experienced financial exploitation, with annual losses estimated at $2.9 billion.
Perpetrators are often family members, especially adult children. Unlike large, one-time scams, family exploitation frequently involves repeated small transactions, making it harder to detect. Abuse may include theft of assets, misuse of joint accounts, improper use of power of attorney, and fraud.
Our University of Wyoming Extension bulletin, Abuse of Power of Attorney: Preventing and Addressing Elder Family Financial Exploitation, outlines prevention and response strategies.
Elders at greater risk often experience:
Perpetrators may demonstrate:
Families where exploitation occurs often avoid conflict, communicate poorly, and hesitate to seek outside help.
Selecting an agent based solely on closeness or availability is risky. Instead, choose someone who is financially stable, capable of documenting transactions, responsible, trustworthy and willing to prioritize your interests above their own. Clear limitations, reporting requirements, and oversight within the document reduce opportunities for misuse.
Criminologist Donald Cressey identified three elements necessary for fraud:
Reducing opportunity through transparency and shared oversight is the most effective prevention strategy.
Thoughtful planning preserves not only financial assets but also dignity, autonomy, and long-term security.
