October is Financial Exploitation Awareness Month
Financial Exploitation Awareness Month in October is a time dedicated to protecting older adults from scams, fraud and financial abuse.
The annual observance highlights the growing risk of financial exploitation among older adults. According to the FBI, Americans 60 and older reported $4.9 billion in losses due to fraud (PDF) in 2024. Texas ranked second nationwide, with losses of $1.4 million in 2024.
Older adults are at a higher risk of exploitation because they often depend on others, said Gustavo Salinas, Adult Protective Services administrator at the Department of Family Protective Services.
“Financial exploitation is a growing concern that can have devastating consequences, like evictions or an inability to pay for utilities, medical bills or food,” he said.
Salinas said the Adult Protective Services Financial Exploitation campaign in October will help shed light on the importance of this issue and remind people that, “If it’s not your money, it’s a crime.”
Money Smart for Older Adults offers resources to help older adults and others recognize and prevent financial exploitation. The federal program includes free curriculum with a comprehensive guide, presentation materials and consumer resources focused on identifying scams, avoiding fraud and planning for financial security.
If you suspect the financial exploitation of a person 65 or older, report it on the Texas Abuse Hotline website or call 800-252-5400.
Written by: Stephanie Taylor, Research Specialist III
