$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
trusted person financial exploitation
A family member, neighbor, or friend exploits their relationship with an elderly person to gain control of finances, often through manipulation, coercion, or undue influence.
“elderly scam”
↑ 221%Key indicators
Estimated impact
$9.0K
median reported loss
Typical range$900 – $180K
Recovery rate~8%
Annual reports88,000
Scam breakdown
1
The trusted person gradually isolates the elder from other family members and support systems.
2
They assume control of daily finances, bill-paying, and account access under the guise of helping.
3
Funds are diverted through unauthorized transfers, forged checks, or coerced account changes.
What to do first
Contact Adult Protective Services to report suspected financial exploitation.
Related terms
family member financial abuseelder exploitation by trusted personundue influence fraudElder financial abuseIn-personRisingSeniorsElderlyCaregiversHealthcare workersRetirees and seniorsParents and familiesUnited StatesUnited KingdomAustraliafamily member financial abuseelder exploitation by trusted person
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Megan, 72, a seniors, encountered what appeared to be a legitimate elder financial abuse situation while using In-person. The trusted person gradually isolates the elder from other family members and support systems.
Step 2
What happened next was calculated: They assume control of daily finances, bill-paying, and account access under the guise of helping.
Step 3
The pressure escalated quickly: Funds are diverted through unauthorized transfers, forged checks, or coerced account changes.
The outcome
Megan realized something was wrong when a family member or friend suddenly takes control of the elder's finances or moves into their home. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Contact Adult Protective Services to report suspected financial exploitation. Megan's experience shows why a family member or friend suddenly takes control of the elder's finances or moves into their home and the elder appears anxious, withdrawn, or afraid to discuss money around the suspected abuser are the clearest early warning signs.
How to identify it
- A family member or friend suddenly takes control of the elder's finances or moves into their home
- The elder appears anxious, withdrawn, or afraid to discuss money around the suspected abuser
- Bank accounts are restructured or beneficiaries changed to favor the suspected abuser
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Contact Adult Protective Services to report suspected financial exploitation.
- ✓Ask the elder's bank about setting up alerts, spending limits, or trusted contact designations.
- ✓Document all suspicious transactions and consult an elder law attorney.
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- The CFPB found that in the majority of elder financial exploitation cases reported to financial institutions, the perpetrator is someone known and trusted by the victim.
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Contact Adult Protective Services to report suspected financial exploitation.
- ✓Ask the elder's bank about setting up alerts, spending limits, or trusted contact designations.
- ✓Document all suspicious transactions and consult an elder law attorney.
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
The CFPB found that in the majority of elder financial exploitation cases reported to financial institutions, the perpetrator is someone known and trusted by the victim.
FTC Consumer Sentinel 2025
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. United States has dedicated agencies that handle fraud reports.
ReportFraud.gov
Federal Trade Commission
Central U.S. consumer fraud reporting portal.
File an IC3 complaint
FBI Internet Crime Complaint Center
FBI portal for internet-enabled crime reports.
Start identity theft recovery
IdentityTheft.gov
Official U.S. identity theft recovery plan builder.
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Seniors, Elderly, Caregivers, Family members
Geographic concentration
United States, United Kingdom, Australia
Primary channel
In-person — Elder financial abuse
Why this group is vulnerable
Seniors are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The growing number of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The CFPB found that in the majority of elder financial exploitation cases reported to financial institutions, the perpetrator is someone known and trusted by the victim.
Source notes
- FTC Consumer Sentinel 2025
Frequently asked questions
Common questions about trusted person financial exploitation
How does the trusted person financial exploitation work?+
The trusted person gradually isolates the elder from other family members and support systems. They assume control of daily finances, bill-paying, and account access under the guise of helping. Funds are diverted through unauthorized transfers, forged checks, or coerced account changes.
What are the warning signs of trusted person financial exploitation?+
A family member or friend suddenly takes control of the elder's finances or moves into their home The elder appears anxious, withdrawn, or afraid to discuss money around the suspected abuser Bank accounts are restructured or beneficiaries changed to favor the suspected abuser
What should I do if I encounter trusted person financial exploitation?+
Contact Adult Protective Services to report suspected financial exploitation. Ask the elder's bank about setting up alerts, spending limits, or trusted contact designations. Document all suspicious transactions and consult an elder law attorney.
Who is most at risk for trusted person financial exploitation?+
This scam primarily targets Seniors, Elderly, Caregivers, Family members. It is most commonly reported in United States, United Kingdom, Australia and typically appears on In-person.
Is trusted person financial exploitation on the rise?+
trusted person financial exploitation is currently on the rise with growing reports. It has been reported across US, UK, AU. Last updated 2026-04-04.
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Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.