While Elder Abuse Awareness Month may have concluded in June, spreading awareness about how financial institutions can protect our most vulnerable neighbors is valuable year-round.
Elder abuse is not limited to physical harm; financial exploitation is highly prevalent. One common scheme involves a fraudster posing as a representative from a trusted organization, such as a financial institution, the Social Security Administration, the IRS, or a government agency. The fraudster may claim there is an issue with an account, suspicious activity, or an urgent matter requiring immediate action. Victims are often pressured into disclosing sensitive information, purchasing gift cards, or transferring funds to a "safe" account.
Listed below are some red flags focusing on strengthening awareness of impostor phone scams that frequently target older adults. These scams remain a common method used by fraudsters to obtain sensitive information, gain access to accounts, and facilitate unauthorized transactions.
Red Flags to Recognize
- Reporting of unsolicited calls demanding immediate action.
- Indicating the caller was pushy, threatening, or intimidating.
- Requesting gift cards, prepaid debit cards, cryptocurrency, or wire transfers following a suspicious phone call.
- Concerns about caller ID information that appears legitimate but may have been spoofed.
- Indicating they were instructed to visit a specific website or grant remote access to a device.
Recommended Employee Actions
- Be alert--particularly older adults, who appear confused, distressed, or under pressure to complete a transaction.
- Ask additional questions when transactions involve unusual withdrawals, wires, or transfers following a phone call or text message.
- Encourage seniors to independently verify suspicious communications by contacting the purported organization using a known, trusted phone number.
- Reminders that legitimate organizations will not request passwords, PINs, or one-time verification codes over the phone.
- Follow procedures for escalating concerns about suspected elder financial exploitation and fraud.
- Document and report suspicious activity in accordance with applicable policies and regulatory requirements.
Financial institutions play an important role in identifying and preventing elder financial exploitation. Ongoing awareness and education can help reduce losses and protect vulnerable individuals from fraud.
Elder abuse often hides behind a computer screen or a phone call rather than physical harm. By teaching our loved ones to recognize urgent emails, fake tests, and phony tech support scams, we can protect their financial security and peace of mind. Financial exploitation is one of the most common and devastating forms of elder abuse. Please talk to the older adults in your life about the dangers of unsolicited tech support calls and urgent digital demands.