May 6, 2022

Preventing Elder Financial Abuse

Elder Fraud Fraud Prevention

Roughly 20% of older Americans fall prey to financial exploitation totaling $3 billion annually or an average of $120,000 per elderly victim, according to a study from AARP Public Policy Institute. And given that only one out of every 44 financial abuse cases are reported, according to a National Adult Protective Services Association, true losses from elder financial abuse could be north of $35 billion annually.

As relationship lenders and financial first responders, community banks are in a unique position to help shield our elderly customers against these prevalent threats through employee training and the use of technology to spot red flags and report suspicious activity to authorities.

Additionally, we offer two types of identity theft protection products: Restoration/Consultation Services and idINTEGRITY SCAN. Restoration/Consultation Services gives you access to a licensed private investigator if your identity has been compromised. This investigator will work to resolve and restore your identity with the credit reporting agencies. idINTEGRITY SCAN offers complete coverage of non-credit and credit monitoring plus Restoration/Consultation Services.

We also are offering the following tips to guard against financial exploitation.

Unfortunately, scams are always changing, making fraud nearly impossible to fully eradicate, but we'll never stop looking out for you and encourage you to consult the Federal Trade Commission's scam alert page for information about the latest scams targeting consumers.

Our community bank employees are trained on the latest fraud prevention techniques and are available as a resource as well. They can help you spot potential scams and take appropriate measures to protect your account if you suspect you have been a victim of financial fraud.