Protecting Our Seniors: How to Identify and Report Elder Financial Abuse
At ICCU, we believe in protecting every member of our community—especially those who may be most vulnerable. Elder financial abuse is a growing concern that can have devastating effects on the financial security and emotional well-being of older adults. By staying informed and alert, we can all play a role in recognizing the signs and taking steps to stop it.
What Is Elder Financial Abuse?
Elder financial abuse occurs when someone illegally or improperly uses an older adult’s money, property, or assets. This abuse can be carried out by strangers, scammers, caregivers, or even family members, and often goes unreported due to fear, shame, or confusion.
Common Warning Signs
If you notice any of these red flags, it may be time to take a closer look:
Unusual or sudden changes in bank account activity, such as large withdrawals or transfers.
New “friends” or caregivers who seem overly interested in the elder’s finances.
Unpaid bills or disconnection notices, despite adequate funds.
Changes to legal documents like wills, power of attorney, or account beneficiaries without clear explanation.
Isolation from friends or family, especially when someone new is controlling access.
How ICCU Helps
Our team at ICCU is trained to recognize potential financial exploitation and take appropriate action. If a staff member notices unusual transactions or behavior that may signal abuse, we follow strict protocols to protect our members' interests, including:
Placing temporary holds on suspicious transactions.
Contacting the member or their designated trusted contact.
Reporting concerns to the appropriate authorities when necessary.
How You Can Help
If you suspect elder financial abuse, take action right away:
Talk to the individual in a private, safe space. They may be reluctant to open up, so be patient and nonjudgmental.
Report concerns to local law enforcement or Adult Protective Services (APS).
Contact ICCU at (989) 773-5927. Our staff is here to help and can assist with safeguarding the member’s accounts.
You can also contact the Michigan APS hotline at 1-855-444-3911 to report suspected abuse, neglect, or exploitation of vulnerable adults.
Stay Vigilant, Stay Connected
Financial abuse thrives in silence. One of the most powerful ways to prevent it is to stay connected. Regular check-ins with older friends, neighbors, and loved ones can make a world of difference. Together, we can help ensure our elders feel safe, respected, and financially secure.
Have questions or need support? Visit one of our ICCU branches or call us at (989) 773-5927. Let’s work together to protect what matters most.