6 Elder Scam Warning Signs Families Should Know

Elder financial scams rarely look obvious in the beginning. They often start with a small decision that seems reasonable at the time: clicking an online ad, answering a phone call, responding to a message, or listening to someone who sounds professional, reassuring, and urgent.

That is one reason these scams can be so devastating. By the time families realize something is wrong, the fraud may have unfolded over weeks or months. The victim may have made multiple withdrawals, transfers, or payments. The scammers may have coached them on what to say. And the money may already be gone.

A case Morgan & Morgan is handling shows how serious these warning signs can be. In November 2025, an 80-year-old Miami resident sued JPMorgan Chase Bank after fraudsters allegedly persuaded her to withdraw and invest more than $1.3 million with promises of returns that never materialized. The complaint alleged that Chase processed 30 suspicious, high-risk transactions, including several six-figure withdrawals, even though its own systems allegedly flagged several transactions. A federal court has since denied Chase’s motion to dismiss, allowing the plaintiff’s claims to move forward.

The lawsuit is still ongoing, and the allegations will have to be proven in court. But the facts described in the case offer an important reminder for families: elder scams often leave a trail of warning signs before the full financial loss occurs.

A Sudden Interest in a “Can’t-Miss” Investment Opportunity

Many elder scams begin with a promise of financial gain. In the Chase case, the alleged scam began when the 80-year-old retiree saw an online ad that she believed promoted a legitimate investment opportunity. Fraudsters allegedly convinced her to withdraw large sums of money from her Chase accounts and invest them under the promise of returns she never received.

That is a common pattern. Scammers know that investment offers can sound more respectable than other types of fraud. They may use polished websites, fake testimonials, professional-sounding representatives, or urgent language about limited-time opportunities. They may claim the investment is safe, exclusive, guaranteed, or only available if the person acts quickly.

Families should pay close attention if an elderly loved one suddenly talks about a new investment that no one else has heard of, especially if the opportunity came from an online ad, social media message, unsolicited call, or person they met only recently. Legitimate investments should withstand scrutiny. Scammers usually try to avoid it.

Repeated Large Withdrawals or Transfers

One of the clearest warning signs of elder financial exploitation is a sudden change in banking behavior. The Office of the Comptroller of the Currency lists sudden changes in bank account balances, large or unusual withdrawals, and unusual transfers to unfamiliar people as warning signs of elder financial exploitation.

That warning sign is central to the Chase case. According to The U.S. Sun’s reporting, the plaintiff claims she made 30 transactions over five months totaling more than $1.3 million, including individual withdrawals of $80,000, $100,000, $149,000, and $210,000. The withdrawals allegedly took place in person at a Chase branch in Hallandale, Florida, where she had banked for more than a decade.

A single unusual transaction may be concerning. A pattern of unusual transactions can be a flashing red light. Families should watch for repeated withdrawals, cashier’s checks, wire transfers, cryptocurrency purchases, gift card purchases, or payments to unfamiliar businesses or individuals. Even when the older adult says the transactions are intentional, that does not always mean they are free from deception or pressure.

Secrecy Around Money

Scammers often tell victims not to involve family members, friends, bankers, accountants, or attorneys. They may say the opportunity is confidential. They may warn that a loved one will “ruin” the investment. They may claim that involving anyone else will delay the process or cause the victim to lose out.

That secrecy is part of the manipulation. A scammer’s goal is not only to get money. It is to isolate the victim from anyone who might ask questions.

Families should be concerned if an elderly loved one who was once open about finances suddenly becomes guarded, defensive, or anxious when money comes up. They may refuse to explain where funds are going. They may insist everything is fine. They may become unusually protective of a new “advisor,” “friend,” “investor,” or online contact.

This can be delicate. Families should avoid responding with shame or anger. Many victims already feel embarrassed or afraid. A calm, nonjudgmental conversation may make it more likely that the person will share what is happening before the scam gets worse.

Pressure to Act Quickly

Urgency is one of the scammer’s favorite tools. The victim may be told they must invest today, transfer funds immediately, pay taxes or fees before receiving returns, or move money before an account is frozen. Scammers use pressure because time gives people a chance to think, verify, or ask for help.

The Federal Trade Commission has warned that scammers lure people into investment scams by promising big returns, and FTC data shows more than $7.9 billion in reported losses to investment scams in 2025, with a median individual loss of more than $10,000.

A legitimate financial opportunity should not require panic. Families should be wary when an older adult feels rushed to move money, refuses to wait 24 hours, or says they cannot talk because they are “in the middle of something important” involving a bank, investment platform, government agency, or supposed fraud department.

A New Person With Influence Over Financial Decisions

Another common warning sign is the sudden appearance of someone who seems to have unusual influence over an older adult’s money. The OCC identifies new “friends” or romantic interests pressuring an older adult to make financial decisions or provide account access as a warning sign of elder financial exploitation.

This person may not always appear romantic. They may pose as an investment coach, tech support representative, cryptocurrency expert, bank employee, government agent, contractor, caregiver, spiritual advisor, or helpful stranger. What matters is the influence they exert.

Families should ask questions if a loved one suddenly mentions someone new who is helping with money, investments, computer problems, taxes, home repairs, or account issues. The question is not whether the older adult is capable of making decisions. The question is whether someone else is manipulating those decisions for financial gain.

Loved Ones Are Shut Out Until It Is Too Late

Morgan & Morgan attorney Andrew Frisch told The U.S. Sun that education and oversight are two of the best tools to prevent elder exploitation or prevent it from getting worse, because fraud often occurs over multiple transactions. He noted that loved ones are often not involved until it is too late and the money is already gone.

That is one of the hardest truths about elder scams. Families often do not find out because they were not looking. By the time a bank statement, declined card, unpaid bill, or missing savings balance reveals the problem, the scam may have been operating for months.

The Consumer Financial Protection Bureau encourages older adults and families to make long-term plans to protect against fraud with help from a trusted contact or bank. The agency also provides resources for caregivers, family members, and service providers who may need to recognize or respond to financial exploitation.

These conversations are easier before a crisis. Families can discuss account alerts, trusted contacts, limited monitoring, powers of attorney, or other safeguards that preserve independence while creating a safety net.

What to Do if You See the Warning Signs

If you suspect an elderly loved one is being scammed, act quickly. Contact the bank and ask whether suspicious activity can be stopped, delayed, disputed, or investigated. Preserve emails, texts, call logs, receipts, wire instructions, account statements, and screenshots. Report suspected exploitation to the appropriate authorities. In Florida, suspected exploitation of a vulnerable adult may also need to be reported to the Florida Abuse Hotline.

Most importantly, do not assume the money is gone forever or that nothing can be done because the victim “authorized” the transactions. Elder financial exploitation can involve deception, manipulation, and failures by others to recognize or respond to clear warning signs.

If you or someone you love lost money in an elder scam, Morgan & Morgan may be able to help. Our attorneys can review what happened, investigate whether financial institutions or other parties ignored red flags, and explain your legal options. Contact us today for a free and confidential case evaluation.