News and Notes

The CFPB released a new guide on Elder Financial Abuse this week. This type of fraud is the one that I hate the most and the one that we are seeing more often in the banking industry. While a lot of the scams happen from unknown suspects, often it is someone that they know personally, such as a relative or friend. With the number of Baby Boomers aging, I believe this problem will only get worse if we don’t take a proactive approach to stopping it.

Want to know how you can help the older people in your life? Check out the CFPB Guide on Elder Financial Abuse. Don’t have time to read all those pages? Here are some highlights:

Why would a family member harm their older relative? 

• Often they feel entitled to the money or property even though they have no right to it. “I’ll get it in the inheritance anyway, so why not take it now.”
• Perpetrators often use false friendliness or compassion to gain an older person’s trust.
• Sometimes a financial abuse survivor may continue to depend on or protect the perpetrator.

How can I help prevent elder financial abuse?

• Stay connected to them and check in often
• Use fraud prevention tools, like account transaction or balance alerts, to be notified automatically of transactions.
• Set up automatic bill pay services for regular bills and use direct deposit for checks, such as Social Security and pension payments.
• Work with the assisted living community or nursing home.
• Build awareness. Knowledge is power!

How do I recognize elder financial abuse?

• They tell you someone is stealing from them or says something of value (checkbook, credit card, etc) is missing.
• They become more private or secretive.
• Actions of others around them. Are they demanding, threating, argue about money, or have some form of addiction (gambling, alcohol, drugs, lifestyle)?
• They have problems paying bills or receive unusual invoices.
• There unusual activity on their credit card or in their checking account.
• They talk about winning a lottery or prize.
• They get a lot of calls from “government agencies.”
• They receive calls that are threating in nature and demand urgency.

How do I report Elder Financial Abuse?

• Contact local law enforcement.
• In Louisiana, call Elderly Protective Services at 833-577-6532.
• To find your agency in other states, check here - http://napsa-now.org/get-help/help-in-your-area/
• Additionally, your local bank will be happy to assist, but they may need to talk to the elderly person who is on the account first. The bank wants to protect grandma as much as you do.

Let’s look after our elders. If we don’t do it, who will?