Each year, World Elder Abuse Awareness Day is commemorated on June 15th. It is no surprise that some elders experience various forms of abuse, and one of the highest being financial exploitation. As a community bank, we understand the importance of keeping our customers safe, especially those over the age of 60 who too often fall victim to unique and harmful scams. Continue reading to learn more about the staggering statistics and preventative tips for elders, family and friends.
Who Is Affected?
According to the Federal Trade Commission, adults who are over the age of 60 are 45% more likely to report losing money to a friend or family impersonation scam than adults between the ages of 29-59. Additionally, a study from the AARP Public Policy Institute found that roughly 20% of older Americans have experienced this kind of abuse totaling an average of $120,000 per person or a total of $3 billion annually.
Who Are The Perpetrators?
Sourced from Independent Banker:
- 47% are family members
- 22% are acquaintances
- 17% are scammers
- 14% are non-family caregivers
What Does Elder Financial Abuse Look Like?
Sourced from Independent Banker:
- 48% stealing money
- 14% personal property, real estate or rent
- 10% unauthorized use of debit/credit cards
- 10% medication theft
- 10% other
- 8% phone scams
Today, there are a variety of ways in which anyone of any age can be scammed. In a recent blog from Independent Community Bankers of America, they include that Medicare/health insurance scams, Zoom phishing emails and internet fraud and telemarketing/phone scams are important to be mindful of.
Top Five Tips For Elders
Sourced from American Bankers Association:
- Never pay a fee or taxes to collect sweepstakes or winnings
- Have a plan in place to ensure your assets are taken care of as you wish
- Lock and keep documents that may have sensitive information in a safe place or shred them before throwing any away
- Take your time making any financial decisions
- Trust your instincts
Top Five Tips For Family And Friends
Sourced from American Bankers Association, look out for:
- Unusual activity, like large withdrawals or transfers, in their bank account
- Random or unnecessary bank account changes
- “Loans” or “gifts” given with a check
- A new individual assisting with financial tasks on behalf of the elder
- Changes in wills and trusts
Banterra is committed to ensuring our customers and important financial data remain safe. We make sure our team members are trained and educated to help prevent and stop not only elder financial abuse, but also all fraudulent activity. If you have any questions, connect with our team.
June 14, 2024 by Banterra Bank
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