Protecting Seniors from Financial Fraud
World Elder Abuse Awareness Day may be behind us, but the need to protect older adults remains important year-round. Financial exploitation is a widespread and often underreported issue, with criminals stealing billions from older adults each year. Fraud typically comes from two directions: scammers pretending to be someone they aren’t, or dishonest individuals taking advantage of a position of trust.
- Secure the Accounts
- Use online banking: Checking balances digitally isn’t just convenient—it lets you keep an eye on things around the clock and set up instant alerts for unexpected transactions. It also ensures scammers can’t set up online access behind your back.
- Add a trusted contact: You can name a secondary contact on financial accounts. They can’t move money or make transactions, but the institution can reach out to them if they notice unusual behavior or can’t get in touch with the primary account holder.
- Lock Down Credit
- Check credit reports: Visit annualcreditreport.com to pull free reports from Equifax, Experian, and TransUnion to verify no one is opening unauthorized lines of credit.
- Freeze credit: Placing a quick, free credit freeze with all three bureaus blocks anyone from opening new accounts using stolen information.
- Silence the Noise
- Block unwanted spam: Use the “Report Spam” feature on smartphones and register phone numbers with the FTC’s National Do Not Call Registry to limit sketchy telemarketing calls and robocalls.
Let’s work together to share these tips and protect the people most susceptible to this type of financial abuse.
