Resources for Responding to Elder Abuse
04/23/2025
Resources for Responding to Elder Abuse
In a previous blog post, we discussed how to spot elder abuse. And while elder abuse can sometimes be hard to see, it can be harder to know who to call and what to do if you suspect you or someone you know is a victim of elder abuse. The Consumer Financial Protection Bureau (CFPB) has provided excellent resources and information just for this purpose.
The CFPB is “a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly” (ConsumerFinance.gov). They also provide resources for consumer education ranging from money topics like scams and auto loans to a consumer complaint database. One of their best resources, however, is aimed at protecting older adults from financial exploitation. Whether you yourself are an older adult, a caregiver, or a concerned family member or friend to an older adult, the CFPB can help you find resources and contacts in the event you suspect financial abuse.
If you are an older adult, it is essential you plan to protect yourself from fraud. You want to have a plan for:
- A trusted contact person to help you protect your money,
- How to work with your bank to better protect you from financial exploitation,
- What to do in the event you experience diminished capacity or illness.
To view these resources visit: Protecting Older Adults from Fraud and Financial Exploitation | Consumer Financial Protection Bureau.
Elder financial abuse is a serious problem, and many financial institutions and government agencies are dedicated to helping its victims. The CFPB has also put together a comprehensive list of resources to help respond to elder financial abuse. The list includes local and state resources, legal help, benefits help, and federal agency contacts.
View the list here: How to find help responding to elder financial abuse | Consumer Financial Protection Bureau
Being the victim of fraud or financial abuse can be devastating to an older adult, but it’s important to remember that you are not alone. There are many people in your life, at your financial institution, and at protective agencies who want to help you recover. The first step is to report the fraud or abuse to local law enforcement. The next step is to get into contact with people who can help you prevent further loss or recover what you lost, such as legal aids and your financial institution. Finally, reach out to trusted family and friends for support. There is nothing to feel embarrassed about.
As your community bank, The Savings Bank is here to help. We take measures internally to help stop financial elder abuse, such as training front line staff, reviewing potential red flags, and educating consumers. However, this is just part of the battle. Together we can help stop financial elder abuse, so if you see something, say something.
Sources:
https://www.consumerfinance.gov/ask-cfpb/
Protecting Older Adults from Fraud and Financial Exploitation | Consumer Financial Protection Bureau