APRIL IS FINANCIAL LITERACY MONTH
Building Strong Support for Elders
Seniors 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.
Follow these 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 a fraud or suspect you may have encountered financial abuse.
To learn more about the elder financial abuse and prevention strategies, visit https://shcpfoundation.org/cra-partners/
The Senior Housing Crime Prevention (SHCPF) 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.