Protecting Older Adults
Travis Credit Union is always focused on the financial wellness of our members. With June being National Elder Abuse Awareness Month, in this blog we’ll discuss what this form of financial abuse is, how to spot it and how to prevent it.
What Is Elder Abuse?
Elder abuse is when an older adult experiences harm or distress due to the actions of someone they trust in their life, such as a family member, caregiver or other close person. Elder financial abuse occurs when this trusted person uses the older adult’s money, property or assets without permission or through coercion or deception. At TCU, fighting fraud is a top priority. Our employees are trained to spot and report elder financial abuse.
Signs of Elder Financial Abuse
Elder financial abuse can take many forms. Being aware of these situations can help minimize the risk of you or a loved one being taken advantage of. Here are some things to watch for:
- Behavioral and Emotional Warning Signs: Are there sudden changes in your older adult’s mood or unusual secrecy about finances? Is there a reluctance to discuss money or confusion about financial decisions that wasn’t there before?
- Financial Red Flags: Are there unexplained withdrawals from bank accounts or missing cash, checks or valuables? Are there sudden changes in bank balances that the elderly person can’t explain? Are there new joint accounts that you didn’t know about? Does the senior citizen have unpaid bills despite having funds or have they made unusual purchases that are out of character?
- Legal and Document Changes: Do you notice any changes to wills, trusts or powers of attorney? Does the elderly adult have trouble remembering signing documents? Are there transfers of property assets to unfamiliar individuals or forged or altered documents that have you concerned?
- Suspicious Behavior of Others: Be aware if someone tries to isolate your older adult from others or insists on handling the person’s finances. Watch for controlling behavior over financial decisions as well as discouraging the person from speaking privately with others.
Common Scams That Target the Elderly
The elderly are often targeted by scammers hoping to obtain personal information or deceive them for money. Here are a few common scams:
- Tech Support: Scammers pose as technology support for trusted companies to gain personal and financial information from the elderly. They may claim there is a problem with a savings account or claim there has been fraudulent activity to gain senior’s trust. Let the older adult know to never share passwords or reveal any sensitive information over the phone.
- Investments: The elderly can become the target of investment scams, including cryptocurrency scams. These scams are touted as a great way to make a passive income with little risk but can result in significant financial loss. It is important to research and verify the legitimacy of any individual or company that your senior citizen wants to invest in.
- Sweepstakes and Lotteries: Sweepstakes and lottery scams take many forms. Scammers may target older adults via emails or phone calls; they may claim the person has won a sweepstakes or merchandise, but they’ll need to pay fees or shipping costs. Also, scammers target personal information by including links in these fraudulent emails. Remind your senior citizen to never click on links in emails from unfamiliar senders. Also, a legitimate sweepstakes company will never require upfront fees to claim a prize.
How To Protect Against Elder Abuse
Use these tips to keep your finances and those of your elderly loved one safe:
- Limit Trusted Contacts: To eliminate opportunities for funds to be misused, restrict the number of people who know of your elderly adult’s financial situation, including where money and valuables are kept. Restricting this information to a few family members and/or caregivers helps reduce the chances of misuse and ensures the funds are there when needed.
- Properly Dispose of Financial Documents: Burn or shred financial and personal information that is no longer needed. This lessens the risk of your senior citizen becoming a victim of identity theft. TCU offers free community shred events several times each year. To find one near you, visit the TCU Community Events Hub.
- Watch for Warning Signs: One of the most important ways to prevent elder financial abuse is to watch for any of the warning signs mentioned. Look for changes in banking or financial habits, unusual transactions or a difficulty paying normal bills or for basic needs. Check in often with your elderly loved one.
How Travis Credit Union Can Help
TCU’s focus on financial wellness includes resources such as Knowledge Base, a free financial education platform where you can learn from courses such as how to spot, report and prevent elder financial abuse and the common tactics of elder fraudsters and how to avoid them.
If you suspect elder financial abuse of a TCU member, report it to us at a branch or call our Member Service Center at 800-877-8328. If you suspect elder abuse of someone who is not a TCU member, please report it to California’s Adult Protective Services or the similar agency in your state.
Frequently Asked Questions on Elder Financial Abuse
What is elder financial abuse and who is most at risk?
Elder financial abuse is the unauthorized or deceptive use of an older adult’s money, property or assets by someone they trust, such as a family member or caregiver. Older adults are particularly at risk because they may rely on others for help managing finances or may be more vulnerable to manipulation.
What are the most common warning signs of elder financial abuse?
Common warning signs include sudden changes in banking activity, unexplained withdrawals, missing valuables or unpaid bills despite available funds. Behavioral changes such as confusion, secrecy about finances or fear of discussing money can also indicate potential abuse.
How can you identify suspicious behavior from caregivers or family members?
Suspicious behavior includes isolating the senior adult or insistence on managing their finances or controlling their financial decisions. It may also involve discouraging private conversations or pressuring the individual to make financial changes.
What types of scams most commonly target older adults?
Frequent scams targeting older adults include tech-support scams, investment or cryptocurrency fraud and sweepstakes scams that request upfront fees. These scams often attempt to gain personal information or trick individuals into sending money under false pretenses.
How can families protect older adults from financial exploitation?
Families can reduce risk by limiting financial access to a small group of trusted individuals and regularly reviewing financial activity. Maintaining open communication and checking in frequently helps detect unusual changes early.
What role do financial institutions such as Travis Credit Union play in preventing elder abuse?
Financial institutions train employees to recognize and report signs of elder financial abuse to help protect members. They also provide educational resources, such as financial wellness platforms, to teach prevention and awareness strategies.
What should you do if you suspect elder financial abuse?
If the individual is a Travis Credit Union member, report concerns directly to TCU by visiting a branch or calling 800-877-8328. If not a member, report suspected abuse to your state’s Adult Protective Services to ensure the situation is investigated and addressed.