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June is Elder Abuse Awareness Month, a time to bring attention to an issue that affects far too many seniors across the country, including right here in our Texas communities. One of the most common and devastating forms of elder abuse is financial exploitation.

What Is Elder Financial Exploitation?

According to the Older Americans Act, elder financial exploitation refers to the fraudulent, illegal, or improper use of an older adult’s resources by another individual for personal gain. This includes actions that deprive seniors of the assets, benefits, or belongings they’ve earned and are entitled to. Simply put, it’s theft, often committed by someone the victim knows and trusts.

Examples of Financial Exploitation

Unfortunately, financial exploitation can take many forms, such as:

• Misusing or stealing money, credit cards, or property
• Coercing someone into signing contracts or legal documents
• Improperly using powers of attorney or guardianship
• Forging signatures for financial gain
• Withdrawing funds without permission
• Sudden or suspicious changes to wills or estate plans
• Leaving bills unpaid despite available funds
• Investment scams, fraudulent seminars, and misleading financial products
• Contractor fraud, lottery scams, and deceptive telemarketing

Who Commits Financial Exploitation?

It’s heartbreaking, but often the abuser is someone close to the victim. This may include:

• Family members
• Paid or unpaid caregivers
• Friends or neighbors
• Financial advisors or fiduciaries

How to Protect Yourself or a Loved One

Prevention begins with awareness. Here are a few key ways to stay protected:

• Never sign blank checks or give someone unlimited access to your finances.
• Keep valuables and financial documents out of plain sight.
• Be cautious of phone calls, emails, or mail offers that sound too good to be true.
• Review bank and credit card statements regularly for unusual activity.
• Don’t sign anything you don’t fully understand. If you're unsure, ask a trusted professional to review it with you.
• Trust your instincts—if you feel pressured or uncomfortable, it’s okay to say no or seek a second opinion.

What To Do If You Suspect Financial Exploitation

If you or someone you know may be experiencing elder financial abuse, there are trusted organizations that can help:

• Texas Adult Protective Services: 1-800-252-5400
• Consumer Financial Protection Bureau (CFPB): consumerfinance.gov
• Texas Department of Family and Protective Services: dfps.texas.gov
• U.S. Department of Justice: justice.gov/elderjustice

At CNB, we believe in protecting our clients and their families at every stage of life. If you have concerns about your account activity or need help understanding your financial rights, our team is here to support you. For more resources see our Fraud Awareness & Financial Safety Tips.