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Consumer Financial

Protection Bureau

Older Americans are not alone in 

the fight to stop financial abuse.

Recent studies suggest that 

financial exploitation—the illegal 

or improper use of an older 

American’s funds, property or 

assets—is the most common form

of elder abuse.

This abuse is costing older Americans billions 

of dollars a year, with as many as 17 percent of 

Americans 65 and older reporting that they have 

been the victim of financial exploitation. Worse, it 

is estimated that only one in 44 cases ever comes 

to the attention of protective services. This abuse is 

robbing older Americans of their resources, dignity 

and quality of life which many will never recover.

What are we doing to help?

Banks and credit unions are in a unique position to 

prevent financial exploitation of older Americans 

and to intervene effectively when older account 

holders are targeted or victimized. That is why 

today we are releasing an advisory and report for 

banks and credit unions on how they can better 

protect older consumers from financial abuse. 

After talking with banks, credit unions, police, 

prosecutors, service providers and government 

agencies, we’re offering recommendations that 

financial institutions can put in place to help better 

protect against the victimization of older Americans. 

How can you work with your bank 

or credit union to protect yourself?

§ Immediately report abuse – Regularly monitor 

your account for suspicious activity. Promptly 

contact local law enforcement and your bank or 

credit union if you suspect that you have been a 

victim of financial exploitation. 

§ Consider giving a trusted relative or friend 

access to monitor transactions - Allow someone 

you trust to monitor your account for things that 

don’t look right—without giving that person the 

right to access your funds.

§ Ask about “convenience” or “agency” accounts 

- These accounts are set up so that your money 

is used for your benefit but they allow a relative 

or friend to assist with writing checks, paying 

bills and other account business. Make sure you 

select someone trustworthy to be your helper.
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Protection Bureau Learn more at consumerfinance.gov 2 of 2

§ Create a power of attorney or other advance 

plan – Plan ahead by giving a trusted person the 

legal authority to make financial decisions for 

you if you cannot. Make sure your bank or credit 

union has a record of who can manage your 

money if you become unable to do so.

§ Ask financial institutions about educational 

materials and events – Many banks and credit 

unions have numerous resources on how you can 

protect yourself and your loved ones from scams 

and exploitation. 

If you think that a family member or friend has 

been exploited, call your local adult protective 

services agency and law enforcement to report 

it. You can visit eldercare.gov to find your local 

adult protective services agency and other service 

providers that can help.

Submit a complaint

Have an issue with a financial product or 

service? We’ll forward your complaint to 

the company and work to get a response 

from them.

 Online

 consumerfinance.gov/complaint

 By phone

 (855) 411-CFPB (2372)

 (855) 729-CFPB (2372) TTY/TDD

 By fax

 (855) 237-2392

 By mail

 Consumer Financial Protection Bureau

 P.O. Box 4503

 Iowa City, Iowa 52244