C&N is partnering with the American Bankers Association Foundation’s Safe Banking for Seniors campaign in a nationwide effort 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 the month of May, which is Older Americans Month, C&N will share articles and tips to help eliminate the almost $2.9 billion that older Americans lose each year to fraud.
Seniors are increasingly becoming targets for financial abuse. As people over 50 control over 70 percent 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.
It’s a crime that deprives older adults of their resources and ultimately their independence. 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.
Tips for Seniors:
•Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.
•Shred receipts, bank statements and unused credit card offers before throwing them away.
•Carefully choose a trustworthy person to act as your agent in all estate-planning matters.
•Lock up your checkbook, account statements and other sensitive information when others will be in your home.
•Order copies of your credit report once a year to ensure accuracy.
If you are a victim of financial abuse: talk to a trusted family member who has your best interests at heart, or to your clergy; talk to your attorney, doctor or an officer at your bank.; or contact Adult Protective Services in your state or your local police for help.
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