elder abuse fraud preventionJune 15, 2023 |
Today is World Elder Abuse Awareness Day
Did You Know? Roughly 20 percent of older Americans fall prey to financial exploitation losing on average $120,000, or $3 billion every year, according to a study from the AARP Public Policy Institute
Be on the Lookout for Elder Financial Abuse Scams It’s an all too unfortunate reality that older adults are attractive targets for financial exploitation because they tend to possess more wealth than other potential victims. This is wealth that in many instances has been accumulated over their lifetime through hard work and conscientious saving. At Springs Valley, we’ve taken a proactive approach to detecting and preventing financial fraud against older customers. With routine employee training and the use of technology, we can assist in identifying red flags and report suspicious activity to authorities. Additionally, the Bank has partnered with the Senior Housing Crime Prevention Foundation that operates Senior Crimestoppers. Their programs educate residents and staff at local senior housing facilities on how to prevent elder financial abuse. With World Elder Abuse Awareness Day happening today, we wanted to provide seniors and their family members with tips to guard against financial exploitation. Medicare/Health Insurance Scams It is difficult to imagine that someone could prey on those in need of medical assistance, but unfortunately, Medicare fraud is all too common. Criminals are posing as Medicare or medical supply representatives to obtain personal information or provide bogus services and using the information to bill Medicare or assume an identity to perpetrate fraud. One example is a scam that centers around a FEMA program to assist with funeral expenses. While this is a legitimate program, citizens should be mindful that:
As a good rule of thumb, never share personal or financial information with anyone who contacts you out of the blue.
Zoom Phishing Emails and Internet Fraud In the past few years, con artists registered thousands of fake Zoom-related internet domains to send phony emails, texts, or social media messages to trick consumers into clicking on bogus links related to purported “account suspension” or “meeting” notices. Those that took the bait inadvertently downloaded malware (malicious software) on their computer, exposing their personal information to potential use by fraudsters. Internet scammers are also known for sending fake text messages alleging trouble with an internet account, credit card, bank account or shopping order. Many even contain realistic looking logos to lure you into clicking on a link and divulging personal information. To limit your exposure, avoid clicking on links from unsolicited emails or texts. If you suspect a problem with an account, contact the bank or service provider directly.
Telemarketing/Phone Scams Due to fears of being impolite, people may frown upon “hanging up the phone” or simply saying “no” to unsolicited calls. However, it also leaves the door open to criminals posing as company representatives. Three notable examples include:
Remember, if it’s too good to be true it probably is. If you want to give, go directly to the source. If you are worried about a friend or family member, verify the information with them directly. Scams are always changing. This year’s fraud will be replaced by a new and creative scheme next year. The Federal Trade Commission has a “scam alert” page with information about the ever-changing ways that scam artists target consumers, at consumer.ftc.gov/scam-alerts. As trusted stewards of our customer’s financial data, feel free to reach out to Springs Valley. Our team members are trained in the latest fraud prevention techniques. They can help you spot potential scams and take appropriate measures to protect your account if you suspect you have been a victim of financial fraud.
Springs Valley is proud to partner with Senior Housing Crime Prevention Foundation
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