Preventing Financial Elder Abuse

Elder abuse is an unfortunate reality that affects millions of older people throughout the U.S. One of the most common forms is financial exploitation. It can happen in many ways, perhaps suddenly through a targeted scam, or gradually over time through repeated manipulation. Thankfully, financial elder abuse can be prevented or stopped by recognizing the warning signs and following the simple steps in this article.

Pause, ask, protect

In many cases, elder abuse begins with the abuser creating a sense of urgency and pressuring the victim to act quickly. A phone call, email, or message may demand immediate action, claiming there’s a problem with an account or a limited-time opportunity. In these moments, taking a step back can make all the difference.

Before sending money or sharing personal information, pause and evaluate the situation. Are you being pressured to take action? If so, it may be a scam.

Another tactic scammers use is making their victims feel isolated. If someone is warning you to keep a secret or to not go to the authorities, it’s a scam. Ask someone you trust for a second opinion. A simple conversation can help identify red flags and prevent a costly mistake. Staying connected is one of the strongest forms of protection against financial exploitation.

At Horizon, we encourage members to reach out when something doesn’t feel right. You don’t have to navigate these situations alone. If you suspect you’ve been a victim of a financial scam, we can help secure your accounts and get you back on track.

Recognizing the warning signs

Financial elder abuse doesn’t always happen all at once. It often builds over time, which makes awareness especially important. Some common warning signs may include:

• Unusual withdrawals or unexplained account activity
• Sudden changes in financial behavior or spending patterns
• Pressure from someone to act quickly or keep financial decisions private
• Unpaid bills or missing funds despite adequate resources

It is also important to recognize that financial abuse is not always committed by strangers. In many cases, it involves someone the individual knows and trusts, such as a caregiver, friend or even a family member.

By paying attention to patterns and trusting your instincts, you can help identify potential issues earlier and take action before the situation escalates.

Protecting personal and financial information

Another critical step in preventing fraud is safeguarding sensitive information. Scammers often attempt to gain access to account details, passwords or identification numbers by pretending to be a trusted organization.

Keep these best practices in mind:

• Never share your PIN, passwords or verification codes
• Be cautious of unexpected calls, texts or emails requesting information
• Avoid clicking on suspicious links or downloading unknown attachments
• Contact your credit union directly if you are unsure about a request

Horizon Credit Union will never ask for sensitive account information through unsolicited communication. If you receive a request like this, it is best to end the interaction immediately. You can then give us a call to verify the communication. (Even if you accidentally ended a legitimate communication, it’s better to be safe than sorry!)

Support and resources are available

Preventing financial elder abuse starts with awareness, but ongoing education and access to trusted resources are just as important. Horizon offers a variety of tools and educational materials designed to help members stay informed and protected throughout their financial journey.

From fraud prevention tips to financial literacy resources, these tools are available to help individuals and families make confident, informed decisions.

You’re not alone

Financial elder abuse often goes unreported, but it should not be faced alone. If something feels off, trust that instinct and take the next step by reaching out for help. Whether it’s a financial question, concern or suspicious activity, Horizon is here to support you. Together, we can protect ourselves and those in our community.