Protecting Seniors from Financial Abuse and Scams
At Hometown Bank, we are committed to safeguarding the financial well-being of every member of our community, especially our seniors. Elder financial abuse and scams are an unfortunate reality, with millions of older adults targeted each year. By understanding the warning signs and taking preventative steps, we can help protect ourselves and our loved ones.
What is Elder Financial Abuse?
Elder financial abuse involves the unauthorized use or exploitation of an older adult’s money, property, or assets. This can be perpetrated by strangers through scams or by individuals the elder knows and trusts, such as caregivers, friends, or even family members.
Common Scams Targeting Seniors
- Grandparent Scams: A scammer poses as a grandchild or other relative in distress, asking for money to handle an emergency.
- Lottery and Prize Fraud: Victims are told they’ve won a prize but must pay fees or taxes upfront to claim it.
- Impostor Scams: Fraudsters claim to be government officials (like the IRS), utility companies, or even tech support representatives demanding immediate payment.
- Phishing Scams: Fake emails or calls appear to come from trusted institutions, asking for sensitive personal or financial information.
- Medicare Scams: Fraudsters offer bogus medical services to steal Medicare information or charge for fake services.
- Warning Signs of Financial Abuse
- Unexplained Bank Activity: Large withdrawals, unusual spending, or sudden account changes.
- Unpaid Bills or Financial Struggles: Despite adequate funds, bills go unpaid.
- Pressure to Act Quickly: Scammers often create urgency, pressuring seniors to make decisions without consulting others.
- New “Friends” or Caregivers: An unfamiliar person becomes unusually close and starts influencing financial decisions.
How to Protect Yourself or a Loved One
- Stay Informed: Be cautious of unsolicited calls, emails, or texts requesting personal information or payments.
- Do not respond to unsolicited text messages or answer calls from unknown callers, especially if there is a sense of urgency. Once you respond you will be on the list for the fraudsters and will get many more calls.
- Use Strong Passwords: Protect online banking and accounts with unique, secure passwords.
- Monitor Accounts Regularly: Review bank statements and credit reports for unusual activity.
- Set Up Alerts: At Hometown Bank, we offer account alerts to notify you of large transactions or changes.
- Discuss Finances: Have open conversations with trusted family members about financial management.
- Verify Requests: Always confirm with the institution or person directly before sending money or sharing sensitive details.
How Hometown Bank Can Help
We’re here to support you. Our team is trained to spot potential fraud and provide guidance if you or a loved one suspect financial abuse. Whether it’s setting up account safeguards or reviewing transactions, we’re just a call away.
- If You Suspect Abuse
- If you or someone you know may be a victim of elder financial abuse, report it immediately:
- Contact your bank to freeze accounts if necessary.
- File a report with Adult Protective Services or your local law enforcement.
- Notify the Federal Trade Commission (FTC) at reportfraud.ftc.gov.
Let’s work together to protect the seniors in our community. For more tips or assistance, visit your local Hometown Bank branch or give us a call.
Hometown Bank – Banking You Can Trust