C&N partnered with the American Bankers Association Foundation’s Safe Banking for Seniors campaignin a nationwide effort to to help older customers and their financial caregivers understand the risks of fraud and financial abuse and how to protect themselves and their loved ones.
Financial abuse against older Americans can take many forms, from illegal debits, to third-party scams and even unauthorized withdrawals by an approved caregiver.
And with the share of the U.S. population 60 years and over projected to reach 30 percent by 2025, the opportunities to take advantage of these at-risk customers become more prevalent by the minute.
Throughout May, which was Older Americans Month, C&N shared articles and tips to help eliminate the almost $2.9 billion that older Americans lose each year to fraud.
Protecting the Elderly from Financial Exploitation
You, a loved one or someone you know, could become the victim of a growing crime in America — financial abuse of older Americans. Seniors are increasingly becoming targets for financial abuse. As people over 50 years old control over 70% of the nation’s wealth, fraudsters are using new tactics to take advantage of retiring baby boomers and the growing number of older Americans. Senior financial abuse is estimated to have cost victims at least $2.9 billion last year alone.
What Is Elder Financial Abuse?
It’s a crime that deprives older adults of their resources and ultimately their independence. Anyone who sees signs of theft, fraud, misuse of a person’s assets or credit, or use of undue influence to gain control of an older person’s money or property should be on the alert. Those are signs of possible exploitation. Older Americans that may have disabilities or rely on others for help can be susceptible to scams and other fraud. Advances in technology can also make it difficult for seniors to know who to trust and what’s safe.
Despite these threats, taking simple steps to safeguard personal information and being aware of warning signs can protect aging men and women from financial abuse.
As your local community bank, C&N is always here to help you and protect you and your loved ones. If you have any questions or concerns, do not hesitate to contact the bank.
C&N can be found at www.cnbankpa.com.