Elder Financial Exploitation
STEPS TO PREVENT ELDER FINANCIAL EXPLOITATION
According to the Financial Crimes Enforcement Network (FinCEN), financial institutions reported more than $27 billion in suspected elder financial exploitation over a recent one-year period.
As a community bank, we know our customers personally and often serve as the first line of defense against elder financial fraud. Whether it’s identifying irregular account activity or educating customers on common scams, we’re committed to helping seniors maintain control over their finances.
Hatboro Federal and the Independent Community Bankers of America (ICBA) offer the following tips to help prevent financial abuse:
- Safeguard financial documents. Secure checkbooks, account information, bank statements, and legal documents in a locked, secure location or safe deposit box.
- Monitor accounts regularly. Review financial statements and credit reports frequently for signs of unauthorized or unusual transactions.
- Be cautious with personal information. Never share bank account numbers, PINs, or Social Security numbers with unsolicited callers, emails, or texts.
- Establish trusted financial caregivers. Work with your banker and attorney to assign a power of attorney or other trusted contacts to assist with financial management, if necessary.
- Leverage your community banker’s expertise. Community banks offer fraud education, financial planning assistance, and resources to help seniors and caregivers identify and avoid scams.
- Report suspected abuse immediately. Contact your bank, adult protective services, or law enforcement if you suspect financial exploitation
