Protecting Our Seniors: Recognizing and Preventing Elder Financial Abuse
As we age, we gain valuable life experience, wisdom, and knowledge. Unfortunately, older adults are also increasingly targeted by scammers, fraudsters, and even individuals they know and trust. Elder financial abuse is one of the fastest-growing forms of exploitation in the United States, costing seniors billions of dollars each year.
At Combined Employees Credit Union, we believe financial security includes protecting our members from fraud and financial exploitation. Understanding the warning signs of elder abuse can help protect you, your loved ones, and members of our community.
What Is Elder Financial Abuse?
Elder financial abuse occurs when someone illegally or improperly uses an older adult’s money, property, or assets for their own benefit. The perpetrator may be a stranger, caregiver, family member, friend, or even a trusted advisor.
Financial abuse can take many forms, including:
- Unauthorized withdrawals from bank accounts
- Forged signatures on checks or financial documents
- Misuse of debit or credit cards
- Coercion to change wills, trusts, or beneficiary designations
- Scams involving fake prizes, lotteries, or government agencies
- Romance scams targeting lonely seniors
- Fraudulent investment opportunities
- Identity theft
Common Warning Signs
While every situation is different, there are several red flags that may indicate elder financial exploitation:
Unusual Account Activity
- Large cash withdrawals that are inconsistent with normal spending patterns
- Frequent ATM withdrawals by someone who rarely uses ATMs
- Sudden transfers of funds to unfamiliar individuals or businesses
- Unexplained overdrafts or account shortages
Changes in Financial Management
- A new person suddenly gains access to accounts or financial records
- Changes to powers of attorney, beneficiaries, or ownership of accounts without a clear explanation
- Bills going unpaid despite adequate income and assets
Behavioral Changes
- The senior appears confused about recent transactions
- Fear, anxiety, or reluctance when discussing finances
- A caregiver or family member insists on being present during financial discussions
Popular Scams Targeting Seniors
Scammers constantly develop new tactics, but some of the most common schemes include:
Government Impersonation Scams
Fraudsters pretend to be from the IRS, Social Security Administration, Medicare, or law enforcement and demand immediate payment.
Grandparent Scams
A caller claims to be a grandchild in trouble and urgently needs money for bail, medical bills, or travel expenses.
Romance Scams
Criminals build online relationships and eventually request money for emergencies or travel.
Tech Support Scams
Scammers claim there is a problem with a computer or account and request remote access or payment for fake services.
Prize and Sweepstakes Scams
Victims are told they have won a prize but must first pay taxes or fees to claim it.
How to Protect Yourself and Your Loved Ones
Taking a few simple precautions can significantly reduce the risk of financial abuse:
- Never share account numbers, passwords, or online banking credentials.
- Be cautious of unsolicited phone calls, emails, or text messages requesting money or personal information.
- Verify requests independently before sending money.
- Regularly review account statements and transaction activity.
- Use strong passwords and enable account alerts when available.
- Discuss financial decisions with trusted family members or advisors.
- Be skeptical of anyone creating a sense of urgency or secrecy.
How Your Credit Union Can Help
At Combined Employees Credit Union, protecting our members is a top priority. Our staff is trained to recognize signs of potential fraud and financial exploitation. If something doesn’t seem right, we may ask additional questions to help ensure your money remains secure.
If you suspect elder financial abuse, don’t wait. Reporting concerns early can prevent further losses and help protect vulnerable individuals.
We’re Here for You
Financial scams can happen to anyone. If you or a loved one receives a suspicious call, email, text message, or financial request, contact Combined Employees Credit Union before sending money or sharing personal information.
Together, we can help protect our seniors, preserve financial independence, and keep our community safe.
Need assistance or have questions about a suspicious transaction? Contact Combined Employees Credit Union today. Our team is here to help you safeguard your finances and your future.