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Resources > Fraud Prevention

Protecting Older and Vulnerable Adults From Financial Exploitation

BankUnited Aug 10, 2026

This guide is designed to help families protect older and vulnerable adults from financial exploitation by recognizing warning signs and taking appropriate action when something does not seem right.

Key Takeaways
  • Elder financial abuse often begins with a familiar-seeming contact — a phone call, text message or online relationship — and is frequently underreported because victims feel embarrassed or uncertain whether a crime has occurred.
  • Warning signs include unexplained account activity, changes to financial documents and the sudden appearance of a new companion who becomes involved in an older adult’s financial decisions.
  • Starting the conversation early, framing it around the risk of fraud rather than an older adult’s capabilities, and agreeing on a clear family protocol for suspicious situations are all effective preventive steps.
  • If you suspect that an older adult has been targeted, contact BankUnited promptly, document what occurred and report the incident to the appropriate authorities, including Adult Protective Services or the Federal Trade Commission.

Elder financial abuse is one of the most underreported forms of fraud, and it often begins quietly. It may start with a convincing phone call, a fraudulent text alert or a seemingly friendly relationship — sometimes involving someone the older adult already knows and trusts. Many victims do not report what happened because they feel embarrassed, fear a loss of independence or are uncertain whether a crime has taken place.

The financial impact can be significant. Older adults report billions in fraud losses each year, and the true cost is likely higher because many cases go unreported. Scams have also become harder to recognize. Fraudsters now use spoofed phone numbers, fake bank alerts, cryptocurrency investment schemes, and even AI voice cloning to create urgency and confusion.

For family members, caregivers, and trusted contacts, the challenge is helping older and vulnerable adults remain informed, supported, and protected while respecting their autonomy and independence.

This guide is designed to help families start that conversation, recognize warning signs, review BankUnited security tips and take appropriate action when something does not seem right.


Common Scams Targeting Older Adults

Fraud targeting older adults has moved well beyond the obvious schemes that are easy to recognize. Criminals may present themselves as a grandchild in distress, a government agency, a technology company or a representative of a financial institution. They may use spoofed caller identification, fraudulent emails or text alerts to appear legitimate.

Artificial intelligence voice cloning has made some family emergency scams even more difficult to detect. In a newer version of the “grandparent scam,” criminals may use a brief audio clip to imitate a loved one’s voice and claim there has been an accident, an arrest or a medical emergency requiring immediate funds.

Some schemes unfold more gradually. A criminal may build trust through a fictitious friendship, romantic relationship or investment opportunity before requesting money or account access.



Technology support scams are also common, in which a criminal claims there is a virus or account problem and requests remote access to a computer or mobile device. Government impersonation scams follow a similar pattern — a caller may claim to represent the IRS, Social Security Administration, Medicare or another agency and pressure the recipient into immediate action.



In any of these situations, a request for gift cards, cryptocurrency, wire transfers or immediate cash is a serious warning sign. When in doubt, end the communication and verify independently before taking any financial action.



Warning Signs of Elder Financial Abuse

Elder financial abuse is not always obvious. Often, the first indicators are small changes in behavior, financial documentation or account activity.

  • Unusual withdrawals, new ATM activity, unexplained transfers, missing funds or sudden changes in spending. The same is true if bank statements stop arriving, bills go unpaid or account information is redirected to a new address.
  • Documentation changes can also be cause for concern. Watch for unfamiliar signatures, sudden changes to account access, unexplained updates to a will or power of attorney, or new financial arrangements that an older adult does not fully understand.
  • Relationships and behavior matter as well. A new friend, caregiver or companion who insists on attending bank visits or answering financial questions on an older adult’s behalf may be creating undue pressure. If an older or vulnerable adult becomes secretive about money or uncomfortable when a particular person is mentioned, that warrants further attention.



How to Start the Conversation

The best time to discuss financial protection is before an emergency arises. Approaching the conversation with respect and empathy is important. Framing the discussion around the increasing sophistication of fraud, rather than an older adult's ability to manage their finances, helps keep the focus on the external threat and encourages a more open dialogue.

Sharing examples of recent fraud cases and discussing how your family would respond to an unexpected request for financial help are good starting points. From there, families can agree on clear steps to take if a suspicious situation arises.

Families may also want to consider whether a trusted individual should have some visibility into financial activity. This could include reviewing account statements together, setting up account alerts, exploring joint account options or consulting with an attorney to determine whether a financial power of attorney is appropriate for their circumstances.

Protective Tools Available Through BankUnited

Account alerts available through BankUnited’s Digital Banking platform can notify you about certain account activity, helping families spot unusual movement sooner.

Families and trusted contacts should agree on a clear protocol for suspicious situations. If an older or vulnerable adult receives a suspicious call, clicks a questionable link or has reason to believe account information may have been exposed, they should contact BankUnited’s Client Care Center at 1-877-779-2265 or visit a local branch promptly. A BankUnited representative can review the situation and take steps to help secure the account, address any compromised debit cards or checks and protect online banking access.


What to Do if You Suspect Abuse

If you believe an older or vulnerable adult has been targeted, it is important to act promptly.

1. Contact BankUnited. A banker can help you understand next steps if account information, debit cards, checks or online banking access may have been compromised.
2. Help an older or vulnerable adult document what happened. Save emails, texts, phone numbers, receipts or transaction details.
3. Report suspected abuse or fraud. Depending on the situation, that may include contacting Adult Protective Services, local law enforcement or the Federal Trade Commission at ReportFraud.ftc.gov. If identity theft is a concern, consider helping an older or vulnerable adult place a fraud alert or credit freeze with the major credit bureaus.

Supporting the Financial Security of Older and Vulnerable Adults

Supporting an older adult’s financial security is not about removing their independence — it is about helping them remain confident, informed and prepared.

Customers can also explore BankUnited’s Resource Corner for articles on fraud prevention, digital banking safety and other financial education topics.

Families do not need to navigate these concerns alone. Contact BankUnited or visit your local branch to discuss available tools and protective features that can help your family put stronger safeguards in place for your loved ones.

 

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All content is for informational purposes only and does not constitute legal, tax, or accounting advice. You should consult your legal and tax or accounting advisors before making any financial decisions. Outcomes may vary based on individual circumstances, financial condition, and market factors. Client stories or testimonials are not a guarantee, promise, or indication of future results.