Contacts:
Senior Housing Crime Prevention Foundation
1-901-529-4780
Email: aimee.leeper@Shcpfoundation.org
R Bank Senior Housing Crime Prevention Offer Tips to Help Prevent Elder Financial Abuse in Recognition of World Elder Abuse Awareness Day
Round Rock, TX (June 15, 2023)–R Bank and the Senior Housing Crime Prevention Foundation (SHCPF) are providing tips for preventing the disturbing trend of elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15.
Older Americans lose roughly $3 billion to a growing number of scams each year, according to the United States Senate Special Committee on Aging. But only one in 44 cases get reported, according to the National Adult Protective Services Association, putting the true cost as high as $35.5 billion annually.
“As financial stewards of the community and trusted lenders, R Bank takes a number of preventative steps to identify, prevent and report suspicious activity for the protection of our customers,” said Sharon Pscenik, Compliance and CRA Officer of R Bank. “But we want to ensure all residents are equipped to recognize the warning signs and take steps to protect themselves or their loved ones so together we can stop bad actors from robbing millions of Americans of their financial nest egg.”
R Bank and SHCPF offer the following suggestions to help curb the rising tide of elder financial abuse:
- Secure private information (Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents), in a bank safety deposit box.
- Check your bank accounts and bill statements carefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
- Do not disclose personal information, such as bank account numbers or PINs, to anyone in a phone call, letter, email, fax, or text message claiming to be from an established organization, especially if they ask you to wire funds or send private information.
- Ask your local community bank about available resources to help protect you or your loved ones from scams and exploitation.
- Plan ahead by giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
- Contact your local adult protective services agency and law enforcement if you have information about fraud or suspect you may have encountered financial abuse.
“Community bankers are often relied upon as the front line of defense in the protection of their customers and as providers of prevention education and information for elderly customers and their adult children,” SHCPF President and CEO David Lenoir said. “Call on your local community banker, to help identify prevalent scams and safeguard your hard-earned financial future.”
Factoid
Roughly 20 percent of older Americans fall prey to financial exploitation losing on average $120,000, or $3 billion every year, according to a study from the AARP Public Policy Institute.
Be on the Lookout for Elder Financial Abuse Scams
It’s an all too unfortunate reality that older adults are attractive targets for financial exploitation because they tend to possess more wealth than other potential victims. This is wealth that in many instances has been accumulated over their lifetime through hard work and conscientious saving.
At R Bank we’ve taken a proactive approach to detecting and preventing financial fraud against older customers through routine employee training and the use of technology to spot red flags and report suspicious activity to authorities. Additionally, we sponsor the Senior Housing Crime Prevention Foundation. Their programs protect and educate residents and staff at local senior housing facilities on how to prevent elder financial abuse.
With World Elder Abuse Awareness Day happening on June 15, we wanted to provide our nation’s seniors and their family members with tips to guard against financial exploitation.
Medicare/Health Insurance Scams
It is difficult to imagine that someone could prey on those in need of medical assistance, but unfortunately, Medicare fraud is all too common. Criminals are posing as Medicare or medical supply representatives to obtain personal information or provide bogus services and using the information to bill Medicare or assume an identity to perpetrate fraud.
Another COVID-19 related scam centers around a FEMA program to assist with funeral expenses. While this is a legitimate program, and you can reach out to FEMA to apply for these benefits, citizens should be mindful that:
- FEMA will not contact you until you call or apply for assistance.
- The government won’t ask you to pay anything to get this benefit.
As a good rule of thumb never share personal or financial information with anyone who contacts you out of the blue.
Zoom Phishing Emails and Internet Fraud
At the onset of the pandemic, con artists registered thousands of fake Zoom-related internet domains to send phony emails, texts or social media messages to trick consumers into clicking on bogus links related to purported “account suspension” or “meeting” notices. Those that took the bait inadvertently downloaded malware (malicious software) on their computer, exposing their personal information to potential use by fraudsters.
Internet scammers are also known for sending fake text messages alleging trouble with an internet account, credit card, bank account, or shopping order. Many even contain realistic-looking logos to lure you into clicking on a link and divulging personal information.
To limit your exposure, avoid clicking on links from unsolicited emails or texts. If you suspect a problem with an account contact the bank or service provider directly.
Telemarketing/Phone Scams
Seniors schooled in etiquette may frown upon “hanging up the phone” or simply saying “no” to unsolicited calls, but it also leaves the door open to criminals posing as company representatives. Three notable examples include:
- The pigeon drop where con artists pretend to share found money in exchange for a “good faith” payment drawn from the contacted person’s bank account.
- The fake accident ploy where con artists create a false narrative that a loved one has been injured in an accident and needs money for medical expenses.
- Charity scams where con artists solicit funds on behalf of a charity for which they are not affiliated or is not legit.
Remember, if it’s too good to be true it probably is. If you want to give go directly to the source. And if you are worried about a friend or family member, verify the information with them directly.
Scams are always changing. This year’s pandemic fraud will be replaced by a new and creative scheme next year. The Federal Trade Commission has a “scam alert” page with information about the ever-changing ways that scam artists target consumers, at consumer.ftc.gov/scam-alerts.
And as trusted stewards of our customer’s financial data, feel free to reach out to R Bank Our community bank employees are trained on the latest fraud prevention techniques. They can help you spot potential scams and take appropriate measures to protect your account if you suspect you have been a victim of financial fraud.
To learn more about elder financial abuse and prevention strategies, visit https://shcpfoundation.org/cra-partners/
About SHCPF
The SHCPF’s mission is to provide protection and an enhanced quality of life for vulnerable senior housing residents through meaningful turnkey CRA compliance for community-focused banks.
The Foundation is funded exclusively by the banking industry and is endorsed by over 30 Bankers associations.
For more information visit SHCPFoundation.org or call 800-529-9096.