RALEIGH – A new survey on elder financial abuse shows that 46% of older Americans know a senior who has been a victim. Elder financial abuse can include several different predatory behaviors towards seniors, such as forging checks in their name, deceiving them to receive money, and exploiting loneliness for financial gain.

“Most of us don’t think we’re going to be a victim,” said Ron Long, Senior Vice President and Director of Elder Client Initiatives for Wells Fargo. "We need to spread the word and get that conversation out there that this can happen to you.”

Elder financial abuse can happen in many ways, but the majority is committed by friends and family who exploit their relationship with an elder in order to receive money.

“There are seven of us in our family, and there’s one or two that we knew should never be around our mom’s money,” said Long. “Have that conversation, put it out in the open, and then the documents that you put in place will allow the more trusted person to be in charge.”

Seniors are encouraged to sit down with a trusted individual to discuss planning for aging.  Family of seniors can also prevent this issue by keeping an eye on their loved one’s bank transactions.

“We encourage setting up large transaction alerts. Each family decides what the amount is, but something over $500 gives an alert to a son or daughter,” said Long. “We also encourage getting duplicate statements.”

Elders are the fastest growing population in the United States, with Raleigh being one of the fastest growing metro areas for seniors.