No state ranks higher than California for reports of elder financial abuse. According to the F.B.I.’s 2023 Elder Fraud Report, the state accounts for half a billion of the estimated $3.4 billion in losses suffered by victims of elder financial fraud, which the F.B.I. quantifies as those ages 60 and up.

Elder financial exploitation can happen to anyone. And, in a digital age now adapting AI technology into everyday life, scammers have an ever-increasing number of ways to prey on vulnerable seniors.

Common Types of Financial Abuse

Financial exploitation of seniors can take different forms. Although the majority of reports involve family members, the perpetrator can also be a complete stranger. The scope of elder financial abuse has broadened to include online “phishing scams” (sending emails and texts that appear to be from an authentic source) and AI-assisted voice imposters, also known as “deep fake audio.”

Such scams can be perpetrated by those impersonating an official of a bank, government agency, or public utility. The result can be devastating loss of life savings or one’s property.

To combat the rise in elder financial fraud, California law permits courts to award up to three times the damages to plaintiff-victims of elder financial fraud and abuse, as long as the victim is 65 or older, and the financial fraud perpetrated against them involves unfair or deceptive practices.

Some common types of abuse include:

• Fraudulent schemes conducted by phone
• Fraudulent schemes through phishing emails
• Recommending imprudent investments
• Effecting transactions without authorization
• Withdrawing funds without authorization
• Excessively trading to generate commissions
• Forging signatures on documents
• Engaging in predatory lending practices
• Pushing high-pressure annuity sales or investment schemes
• Engaging in identity theft

Our Attorneys Protect the Rights of Financial Fraud Victims

Our elder financial abuse lawyers at Sanford Heisler Sharp McKnight are dedicated to advocating for the rights of those who have become a financial fraud victim. We are committed to aggressively pursuing legal action to make sure our clients’ funds are returned.

If you or a loved one has become a victim of financial abuse, please complete our contact form below to speak to our financial mismanagement lawyers for an evaluation of your case.