Protecting Those Who Matter Most: Understanding Elder Abuse

By Michelle Romano, COO & Senior Financial Advisor, Lebel & Harriman

June is Elder Abuse Awareness Month, a reminder that protecting older adults is something we can all play a part in. Elder abuse affects an estimated 1 in 10 older Americans who live at home,1 and in 2025, adults age 60 and older reported more than $7.7 billion in fraud losses to the FBI, a 37% increase over the prior year.2 At Lebel & Harriman, we take this issue seriously: we actively look out for warning signs and are always available to discuss any concerns you or your family may have.

What Is Elder Abuse?

Elder abuse is any harmful act, intentional or negligent, directed at an older adult by someone they trust. Common forms include:

  • Financial: Theft, fraud, forged documents, or unauthorized use of accounts
  • Physical: Unexplained injuries, bruising, or signs of restraint
  • Emotional: Verbal threats, humiliation, or isolation from friends and family
  • Neglect: Failure to provide adequate food, medication, or basic care

Warning Signs to Watch For

Abusers are frequently family members or trusted caregivers, and only about 1 in 24 cases of elder abuse is ever reported to authorities.3 Common red flags include:

  • Unexplained changes to bank accounts, wills, or legal documents
  • Sudden unpaid bills despite having sufficient income or savings
  • A loved one who seems fearful or anxious around specific people
  • A caregiver who insists on speaking for the elder or limits outside contact

Financial Fraud: The Most Common Threat

Financial exploitation is the fastest-growing form of elder abuse. Adults 60 and older filed over 147,000 fraud complaints in 2024 alone, with average losses of $83,000 per victim.4 Here are the most important scams to know:

AI Voice Cloning (“Grandparent Scams”)

Criminals use AI to clone a family member’s voice, then call an elder pretending to be a grandchild in crisis, requesting wire transfers or gift cards. The FBI reported $893 million in AI-related fraud losses in 2025 alone.5

Government & Bank Impersonation

Callers pose as the IRS, Social Security Administration, or your bank, claiming your account is compromised or that you owe money and face arrest. Official agencies will never demand immediate payment by phone.

Tech Support Scams

A pop-up or unsolicited call claims your computer is infected. The “technician” requests remote access and steals personal or financial information. Tech support fraud cost older Americans $1.46 billion in 2024.6

Romance & Phishing Scams

Scammers build trust online over weeks or months before fabricating an emergency and requesting money. Phishing emails mimic trusted institutions to steal login credentials.

How to Protect Yourself and Your Loved Ones

  • Establish a family “safe word” to verify identity in any emergency call.
  • Never send money via wire transfer, gift cards, or cryptocurrency based on an unsolicited request.
  • Hang up on suspicious calls and call your loved one back using a number you already know.
  • Designate a trusted contact on your financial accounts so your advisor can flag unusual activity.
  • Use strong passwords and enable two-factor authentication on financial and email accounts.
  • Stay socially connected: isolation is one of the greatest risk factors for elder abuse.

If You Suspect Abuse, Report It

Early reporting can prevent further harm. Key resources:

  • National Elder Fraud Hotline (DOJ): 1–833-FRAUD-11 (1–833-372‑8311)
  • Adult Protective Services: eldercare.acl.gov
  • AARP Fraud Watch Network: 1–877-908‑3360
  • Your Lebel & Harriman advisor: We can review account activity and connect you with resources.

As your financial partner, your security & that of your family is one of our most important responsibilities. Please don’t hesitate to reach out with any questions or concerns.

1. Centers for Disease Control and Prevention (CDC). “About the Abuse of Older Persons.” Updated November 2024. cdc.gov/elder-abuse

2. FBI Internet Crime Complaint Center (IC3). Elder Fraud Brochure, 2025 Statistics. ic3.gov

3. National Council on Aging (NCOA). “Get the Facts on Elder Abuse.” ncoa.org

4. FBI IC3. 2024 Internet Crime Report. ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

5. AARP. “FBI Report: Internet Crime Losses Hit $20.9 Billion.” April 2026. aarp.org

6. FBI IC3. 2024 Internet Crime Report. ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment Advisory Services offered through Valmark Advisers, Inc. a SEC Registered Investment Advisor. | 130 Springside Drive, Suite 300, Akron, OH 44333–2431 | Telephone: (800) 765‑5201 | Lebel & Harriman, LLP and Lebel & Harriman Retirement Advisors are separate entities from Valmark Securities, Inc. and Valmark Advisers, Inc.

This material is for informational and educational purposes only and is not intended as legal, tax, or investment advice.

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