If you suspect a parent is being financially exploited — by a stranger, a scammer, or someone they know — speed matters more than almost anything else. Here’s what to actually do, in order, in the first 24 hours.
1. Don’t Confront the Situation Alone First
If the exploitation involves someone in your parent’s life — a caregiver, a “friend,” even a family member — your first move should be protecting the money and the accounts, not confronting the person directly. A confrontation before accounts are secured can give someone time to withdraw funds or cover their tracks.
2. Call the Bank or Financial Institution Immediately
This is the single highest-leverage step, and it’s time-sensitive. Ask specifically for the fraud department, not general customer service — they have tools and authority a regular representative doesn’t. If you have power of attorney, say so upfront. Ask them to:
- Flag the account for suspicious activity
- Place a temporary hold on pending transactions if a transfer hasn’t fully processed yet
- Provide a list of recent transactions so you can review what’s already happened
Banks can sometimes reverse or freeze a transaction if caught within hours — that window closes fast, which is why this comes before almost everything else on this list.
3. Contact Adult Protective Services (APS)
APS exists in every state and handles suspected financial exploitation of older adults, including by caregivers or family members. They can investigate, connect you with local resources, and — importantly — get involved even in situations that feel too delicate or complicated for a family to handle alone.
4. File a Report With Local Police
Even if you’re unsure it will lead anywhere immediately, a police report creates an official record — something banks, credit agencies, and attorneys may all need later. Ask for a copy of the report number for your own records.
5. Report It to the FTC
The Federal Trade Commission’s ReportFraud.ftc.gov is the federal clearinghouse for scam reports. It doesn’t resolve things directly, but it feeds into broader fraud-tracking efforts, and having a timestamped federal report can matter later.
6. Place a Fraud Alert or Credit Freeze
Contact one of the three credit bureaus (Equifax, Experian, or TransUnion — placing an alert with one automatically notifies the others) to place a fraud alert, or consider a full credit freeze if the exploitation could extend to new accounts or credit being opened in your parent’s name.
7. Document Everything, As You Go
Keep a simple written timeline — what happened, when you noticed it, who you called, what they said, reference or case numbers. This feels unnecessary in the moment and becomes very valuable within a week, especially if the situation involves law enforcement, a bank dispute, or eventually an attorney.
8. Loop In an Attorney If Legal Authority Is Unclear
If you don’t currently have power of attorney and need to act on your parent’s behalf — freezing accounts, disputing charges, restricting access — an elder law attorney can advise quickly on what’s possible and what may require more formal legal steps.
The Honest Bottom Line
The instinct in this moment is often shock, followed by wanting to immediately confront whoever’s responsible. Redirecting that energy toward securing the accounts first, in this order, gives you the best realistic chance of limiting the damage — and having a clear-headed plan ready before it happens is what actually makes this manageable if it ever does.
If you’re navigating this right now, or want to get these protections in place before you ever need them, that’s exactly what we help families do.