Fighting Elder Financial Exploitation
MAINSTREET BANK
Scammers are preying on older Americans at an alarming rate. According to a report by the Financial Crimes Enforcement Network, in just one year, U.S. banks flagged over $27 billion in suspicious activity aimed at seniors, with more than 155,000 attempts to steal their hard-earned money—some of which succeeded.
You can help protect yourself and your loved ones! Here are some steps you can take to fight back.
- Stay vigilant. Regularly monitor bank accounts and credit card statements for unusual activity and unauthorized charges.
- Educate your elders. Teach older loved ones about common scams, such as fake calls from “government officials” or fraudulent emails asking for personal information.
- Use strong passwords. Help set up strong, unique passwords for online banking and accounts, and embrace multi-factor authentication.
- Limit access. If possible, cordon off access to large amounts of money by setting spending limits or requiring dual authorization for significant withdrawals.
- Verify contacts. Remind your elders to never share personal or financial information over the phone or via email unless they are certain of the contact’s legitimacy. It never hurts to verify a request with a known contact before acting.
- Get legal protection. Help set up a financial power of attorney or appoint a trusted person to oversee major financial decisions and prevent unauthorized actions.
If you have any questions, we’re here to help! Contact your Business Banker or Relationship Manager today.
