Posted on June 15, 2023
As June 15th is World Elder Abuse Awareness Day, we wanted to touch on a few reasons why this topic is so important in the banking industry! Please read below to understand what elder abuse is, signs of elder abuse, and what advice to share with your loved ones!
Elder abuse can be defined as the theft or embezzlement of money that is usually committed by a stranger; however, this is not limited to just strangers. In fact, the misuse of an elder’s funds can be committed by family members, friends, and caregivers. The reason why elders are specifically targeted is because the age group of American’s above 75 hold a high percentage of wealth. While this age group likewise can suffer from physical, mental, or emotional dysfunction, it can make them an easy target to go after, which is why it is important to be aware of elder abuse signs.
A few signs that can indicate a case of elder abuse include, but are not limited to, changes to accounts or documentation, changes in appearance or demeanor, altered wills or trusts, frequent large withdrawals, etc. Some common interactions that can be noticed are an individual showing excessive interest in the elder’s finances, an elder displaying submissiveness or fear forwards a caregiver, or a new caregiver, relative, or friend who begins conducting the elder’s financial transactions. Please be aware of these signs as you go to your local bank r!
So, what advice can you give to your loved ones? Advise them to never give personal information to anyone who calls over the phone, to not rush into a financial decision, keep all financial or account information in a safe and secure place, and to report suspicious transactions immediately.
We hope that this information helps you and your loved ones stay safe from elder abuse! For any further questions or information, please contact your local office.
