At White Rose Credit Union, protecting our members, especially our most vulnerable, is a responsibility we take seriously. As part of our ongoing commitment to fraud prevention and financial wellness, we are spotlighting a critical issue that affects millions of Americans each year: Elder Financial Abuse.
What is Elder Financial Abuse?
Elder financial abuse is the illegal or improper use of an elders funds, property, or assets. IT can take many forms from unauthorized withdrawals and forged checked to elaborate scams that exploit trust and isolation.
Only 1 in 44 incidents of elder financial abuse are reported according to the National Adult Protective Services Association. In just one-year, financial institutions filed over 155,000 reports related to elder abuse, involving more than $27 billion in suspicious activity.
Why it Matters in Pennsylvania
Pennsylvania has the third-highest percentage of elderly residents in the U.S., and by 2030. Nearly 28% of Pennsylvanians will be over the age of 60 (Administration on Aging, 2016). The fastest-growing segment? Those aged 85 and older. This demographic shift makes awareness and vigilance more important than ever.
Who Are the Scammers?
Surprisingly, 9 out of 10 perpetrators are family members. Others include caretakers, fake charities, and scammers impersonating government agencies like Medicare or the IRS. Common fraud methods include:
- Caretaker fraud
- Grandparent scams
- Fake charities and lottery scams
- Power of attorney abuse
- Romance scams
Red Flags to Watch For
- Sudden changes in bank account balances, especially large or unusual withdrawals.
- Unusual purchases or unexplained transfers to unfamiliar people.
- New “friends” or “romantic interests” pressuring to make financial decisions or get access to accounts (misuse of debit/credit cards and online).
- Increased Isolation from family or trusted advisors, so fraudster maintains control
Speak up
If you believe that you or someone you know is a victim of financial exploitation, contact the Elder Abuse Hotline at https://www.aging.pa.gov/aging-services/Pages/Report-Elder-Abuse.aspx
