Breaking the Silence: What You Need to Know on World Elder Abuse Awareness Day
Every year on June 15, the world recognizes the United Nations-recognized global observance that highlights one of society’s most underreported crises: World Elder Abuse Awareness Day (WEAAD).
Launched in 2006 by the International Network for the Prevention of Elder Abuse (INPEA) and the World Health Organization (WHO), WEAAD has become a powerful rallying point for advocates, governments, public health and human services professionals, families, caregivers, adult protective services (APS) agencies, and communities who understand that every older adult deserves to live with dignity, safety, and freedom from harm.
This year’s theme, Beyond Awareness: Making Elder Abuse Prevention Work, signals an important evolution: awareness alone is no longer enough. Preventing elder abuse requires coordinated approaches, stronger safeguards, and multidisciplinary collaborations that protect vulnerable adults before harm occurs. The time has come for evidence-based action, systemic reform, and accountable prevention.
The Growing Crisis of Elder Abuse
Elder abuse is pervasive, often hidden in plain sight, and its scope is staggering. According to the WHO, an estimated 1 in 6 people aged 60+ experience some form of abuse each year globally, and it remains one of the most underreported public health crises affecting older adults.
Fear, shame, dependency on caregivers, cognitive decline, and social isolation often prevent seniors from seeking help. Research indicates that only 1 in 24 cases of elder abuse are reported to authorities, meaning millions of cases likely remain hidden. A landmark study drawing on evidence from 52 studies across 28 countries found that 16 percent of people aged 60+ experienced some form of abuse in the previous year alone.
The Rising Tide of Financial Abuse
Elder abuse is not a single act. It encompasses a spectrum of mistreatment, and victims often experience more than one form simultaneously. The Center for Disease Control and Prevention (CDC) defines elder abuse as “an intentional act or failure to act that causes or creates risk of harm to an older adult.”
Elder financial exploitation deprives seniors of crucial resources for their well-being and independence, and this form of abuse continues to increase at alarming rates across the country. Seniors are frequently targeted by organized scams, cybercriminals, opportunistic caregivers, fiduciaries, and even trusted family members. Numerous reports indicate financial exploitation involving theft, fraud, lottery scams, romance and/or real estate schemes, and more – and each can have a devastating effect on elder adults.
According to the Internet Crime Complaint Center’s 2025 Elder Fraud Report, reported financial losses among older adults increased by 59 percent over the previous year, rising from $4.9 billion to more than $7.7 billion. Because elder financial abuse remains heavily underreported – only one in 44 cases are actually reported – experts believe the true losses are substantially higher.
Warning Signs of Financial Exploitation
While financial abuse is not always obvious, some indications include:
- Sudden, unexplained changes to a will, power of attorney, or financial assets.
- Unpaid bills despite adequate income.
- Unusual or large cash withdrawals.
- New “friends” who show unusual interests in the elders’ finances.
- Signs of caregiver or family members are living beyond their means.
- Confusion about recent financial decisions.
- Fear or anxiety when discussing money.
The Lasting Impact of Financial Exploitation on Older Adults
The effects of financial exploitation on elderly individuals can be profound and life-altering, often leaving them to face a range of emotional and financial challenges. Common consequences include:
- Depression.
- Feelings of fear, shame, guilt, anger, self-doubt, remorse, and worthlessness.
- Complete financial destitution.
- Loss of primary residence.
- Inability to recover lost assets through employment.
- Difficulties meeting long-term care needs.
- Ultimate reliance on government safety net programs.
- Social isolation and diminished quality of life.
Unlike younger victims of fraud, older adults frequently have limited opportunities to recover financially due to retirement, health limitations, or reduced earning capacity.
Financial Exploitation Making Headlines
With the increase in cases involving vulnerable populations, especially elderly adults, news outlets have begun to focus more on uncovering high-profile incidents, scams, and systemic financial abuses.
The Department of Justice recently announced a case in Georgia involving a former investment advisor, pleaded guilty to one count of wire fraud after defrauding an elderly client out of nearly $10 million over a three-year period. The investment advisor used the stolen money to build a $5.2 million residence in Vinings, Georgia, join a beach club and purchase a fractional share of a beach house for approximately $1.4 million, and donate approximately $340,000 to his church.
The Tom Selleck Impersonator Tragedy
A 79-year-old woman in Bermuda Dunes, California, was targeted by a romance scammer posing as actor Tom Selleck. The scam began on Facebook and cost the victim at least $30,000 in gift cards. Despite interventions from her family, APS, and local police, she continued to send money. The financial strain and the deception ultimately culminated in a murder-suicide of the couple inside their home on May 15, 2026.
Family Misappropriation of Financial Assets
A recent case in Illinois revealed allegations that a son, who held power of attorney for his elderly parents, had misappropriated over $430,000 from their finances. The daughter discovered the discrepancies while reviewing her parents’ financial accounts, noticing that less than $10,000 remained when she expected around $80,000 to be available. Further investigation uncovered empty 401(k) accounts, drained deposits, and the sale of the parents’ home without the proceeds going to the parents’ care.
Resources
If you or those close to you have fallen victim to financial exploitation, there are several resources available, in addition to your state’s APS department.
National Adult Protective Services Association
Internet Crime Complaint Center
United States Department of Justice – Elder Justice Initiative
National Elder Fraud Hotline (833) 372-8311
Myers and Stauffer Combats Financial Exploitation
At Myers and Stauffer, we have a dedicated team which includes certified fraud examiners (CFEs) and certified public accountants (CPAs) that work hand-in-hand with APS investigators and law enforcement to protect elders’ financial freedom in cases of financial exploitation. We have assisted in more than 170 individual financial exploitation cases by providing forensic accounting services, litigation support, and testimony services.
Forensic accounting is integral to financial exploitation casework. Identifying potentially misappropriated assets, quantifying amounts taken, and tracing funds help protect elders from further abuse and can lead to restitution. We remain dedicated to strengthening our partnerships with state APS departments to address and combat this pressing issue.
If you would like to reach out to us for more information, please contact Missy Parks (mparks@mslc.com) or Kevin Jenkins (kjenkins@mslc.com).
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