How to Protect Seniors from Financial Abuse

Financial abuse hijacks billions of dollars in money, property, and other assets from older Americans each year. As a community bank, our team serves as watchdogs, monitoring and preventing this abuse. Our team is in a unique position to help shield our customers against these prevalent threats through employee training and technology. Here's how to identify red flags and report suspicious activity to the authorities.

Medicare/Health Insurance Scams

Unfortunately, Medicare fraud is all too common. Criminals are posing as Medicare or medical supply representatives to obtain personal information or provide bogus services. As a standard rule, never share personal or financial information with unsolicited sources. Confirm whether the phone number or email address is valid if you are inquiring about Medicare services.

Video Call Phishing and Internet Fraud

Did you know con artists are compromising video meetings? These individuals register thousands of fake Zoom-related domain names to send phony emails, texts, or social media messages that trick consumers into clicking links to address “account suspension” or “meeting” notices. Those who took the bait inadvertently downloaded malware (malicious software) onto their computers, exposing their personal information to potential use by fraudsters.

Internet scammers are also known for sending fake text messages alleging trouble with an internet account, credit card, bank account, or shopping order. Many contain realistic-looking logos to lure you into clicking on a link and divulging personal information.

Avoid clicking on links from unsolicited emails or texts to limit your exposure. If you suspect a problem with an account, contact the bank or service provider directly.

Telemarketing/Phone Scam

Seniors schooled in etiquette may frown upon “hanging up the phone” or simply saying “no” to unsolicited calls. This leaves the door open to criminals posing as company representatives. Here are three notable examples:

• The Pigeon Drops Con artists pretend to share found money in exchange for a “good faith” payment drawn from the contacted person’s bank account.

• The Fake Accident Ploy Con artists create a false narrative that a loved one has been injured in an accident and needs money for medical expenses.

• Charity Scams Con artists solicit funds on behalf of a charity for which they are not affiliated or legitimate.

Scams are constantly changing, making fraud nearly impossible to eradicate. Consult the Federal Trade Commission’s “consumer alert” page for information about the latest scams targeting consumers.

If you ever suspect fraud, it's best to hang up and call your banker or contact directly from a trusted number.