Financial Exploitation Awareness Month is observed in October to help build awareness of financial fraud and scams and reduce the stigma of those affected by these types of exploitation.
Financial exploitation is when a caretaker, family member or other person with an ongoing relationship with an adult improperly uses or attempts to improperly use their financial resources. Older adults and people with disabilities are at a higher risk of financial exploitation.
Texas ranks third in the U.S. in losses to elder fraud with over $278 million in losses reported in 2023, according to the FBI. Being aware of the signs of financial exploitation can help. The U.S. Department of Justice lists some examples: sudden changes made to a person’s bank account or legal documents, unexplained credit card charges, or an unexplained disappearance of valuables.
