Protect Yourself from Financial Exploitation
Posted
on Friday, June 23, 2023
in
Articles
Elder financial exploitation is a rapidly growing crime. Seniors are quickly becoming targets for financial abuse by trusted individuals and strangers. Criminals tell lies, make threats, and use emotional manipulation to steal victims, money, identity, and assets.
Elder Financial Abuse Stats
- Victims lost at least an estimated $2.9 billion in 2022
- Average loss is over $35,000 per case
- Losses grew 84% from 2021 to 2022
Common Types of Elder Financial Scams
Tech Support Scams - scammer pose as tech repair agents to access victims' computers and finances
Investment Scams - Perpetrators induce investors to make purchases based on false information and promises of large returns with minimal risk
Romance Scams — Criminals seek money from victims on dating apps and social media
Government or Family Imposter Scams — Fraudsters impersonate government officials or family members to demand money
Lottery Scams — Criminals claim victims must pay taxes or fees to access winnings from a lottery or raffle
Tips to Protect Yourself
- Plan ahead to protect your assets and to ensure your wishes are followed.
- Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
- Shred receipts, bank statements and unused credit card offers before throwing them away.
- Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
- Lock up your checkbook, account statements and other sensitive information when others will be in your home.
- Order copies of your credit report once a year to ensure accuracy.
- Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
- Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”
- Never rush into a financial decision. Ask for details in writing and get a second opinion.
- Consult with a financial advisor or attorney before signing any document you don’t understand.
- Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
- Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
- Pay with checks and credit cards instead of cash to keep a paper trail.
- Feel free to say “no.” After all, it’s your money.
- You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services or tell someone at your bank.
- Trust your instincts. Exploiters and abusers often are very skilled. They can be charming and forceful in their effort to convince you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.
Contact Us
Our team receives ongoing training to stay updated on the latest fraud trends. Contact the bank if you have been involved in financial fraud or think you may be victim of financial abuse. Call 641-782-1000 or visit any of our locations for help.
Source: American Bankers Association https://www.aba.com/advocacy/community-programs/consumer-resources/protect-your-money/elderly-financial-abuse