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Protecting Older Oregonians from Financial Abuse
Financial exploitation is the most common form of elder abuse and 1 in 5 U.S. adults knows someone who has been a victim.
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Financial exploitation is the most common form of elder abuse and 1 in 5 U.S. adults knows someone who has been a victim. Financial exploitation is the improper use of an older adult’s funds, property, or assets. AARP Oregon has identified this threat as an urgent issue, emphasizing the need for prevention, awareness, and stronger consumer protections. Though this is a growing concern in both Oregon and the U.S., it is often hidden or left underreported.
What Financial Abuse Looks Like Today:
Scams are the dominant form of financial abuse. According to Russ Jones, Oregon State Adult Protective Services Administrator (APS), many of these scams are international and hard to track. In Oregon, there are hundreds of crypto and Bitcoin kiosks that are often tied to scams and hidden fees.
When it comes to financial abuse, scams are not the only threat that older adults need to worry about. Exploitation can also come from trusted individuals, such as family members or friends. This abuse is driven less by the economy and more by opportunity and greed. “As long as there is greed, there will be exploitation by family and friends,” says Russ. “It is important for older adults to understand that.”
Who Is at Risk?
Oregon is one of just 11 states where the population of older adults exceeds that of children.
As the share of older adults grows, so does the share of those at risk for financial abuse. While this can affect anyone, older adults who require personal care due to cognitive or physical challenges are especially vulnerable.
Without the proper precautions and knowledge to prevent financial abuse, older adults are at risk of poverty, loss of savings, and homelessness. This can create a ripple effect, causing family, friends, and caregivers to experience emotional distress as well. Unfortunately, only 1 in 14 cases of financial abuse are reported. So how do we fix that? Prevention starts with everyday actions.
Prevention: What Older Adults & Families Can Do
Financial abuse is often preventable with simple, consistent steps. Staying cautious with personal information is critical. Do not share financial or personal details over the phone, email, or text. Instead, contact financial institutions directly using trusted numbers. Maintain control of your accounts whenever possible and be thoughtful about granting access to others, even those you know well.
It is also important to be aware of common tactics used in scams today. Requests for payment through gift cards, cryptocurrency kiosks, or wire transfers are strong warning signs. In Oregon, the growing presence of crypto and Bitcoin kiosks has made these scams more visible, often with significant fees and little recourse once funds are sent. Taking time to pause, ask questions, and verify before acting can help prevent costly mistakes.
When making major financial decisions, seeking legal or financial guidance can provide an added layer of protection. As Russ notes, “Anytime you are doing anything financially, seek legal counsel. Don’t do it on your own; there is too much risk.”
Know the Signs. Take Action.
Financial abuse can take many forms and affect anyone. In many cases, Adult Protective Services is contacted only after harm has already occurred, making early awareness and action critical. Warning signs may include unusual financial activity such as large or repeated withdrawals, missing funds or belongings, unpaid bills despite adequate resources, or unexpected changes to legal or financial documents. Changes in behavior or relationships can also signal risk, including isolation, increased dependence on a single individual, or situations where someone else is exerting control over finances.
Addressing financial abuse requires attention and shared responsibility. Staying informed, checking in regularly with loved ones, and having open conversations about financial safety can help identify concerns early. Acting quickly when something feels wrong can reduce harm and prevent further exploitation. Reporting suspected abuse not only helps protect the individual involved but also strengthens broader efforts to prevent and respond to financial abuse across Oregon communities.
Reporting & Resources:
- Call Oregon APS to report abuse of older adults at (855-503-7233)
- Learn more about financial exploitation https://www.oregonbankers.com/protecting-seniors.html
- Learn about frauds and scams from the AARP Fraud Watch Network™
- If you or someone you know is a victim of fraud, call the AARP Fraud Watch Network™ Helpline at 877-908-3360
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