| The impact of elder financial abuse is profound. While it can come from known perpetrators like caregivers or family members, scams carried out by strangers are also a major threat. In fact, the Federal Trade Commission (FTC) estimated that fraud criminals stole as much as $61.5 billion from adults age 60 and over in 2023 alone. World Elder Abuse Awareness Day is June 15—a timely reminder that we can take steps to help prevent the financial exploitation of older adults. Here’s how. |
| Protect Financial Accounts•While it may seem counterintuitive, it’s actually safer to bank online. Not only does it give the account holder 24/7 access to review activity, but it also allows for real-time transaction alerts to monitor for suspicious activity. The other benefit is that a criminal can’t use illicitly acquired sensitive information to set up online access to the accounts.•Add a trusted contact to financial accounts. This person has no access to accounts or information about them; they are the point of contact if the account holder cannot be reached. |
| Monitor and Freeze Credit•Everyone, including older adults, should regularly check their credit reports for unauthorized activity. You can request free credit reports from each of the three credit reporting agencies—Equifax, Experian and TransUnion—at annualcreditreport.com.•You should also consider placing a credit freeze with each of the reporting agencies; this stops someone from using stolen credentials to open financial accounts. |
| Block Unwanted Calls and Text Messages•Check with your phone carrier or a trusted third party for free or low-cost call and text blocking services to keep the illegal robocalls and texts at bay.•Add all your numbers to the FTC’s Do Not Call Registry (donotcall.gov). It won’t stop scammers, but it will cut down on legitimate telemarketing calls and texts. |
reprinted from AARP Fraud Watch Network.