Learn to Identify and Protect Yourself & Loved Ones from Elder Financial Abuse
Financial abuse targeting older adults results in $38.5 billion in losses for people over 60 each year. True losses from elder financial abuse could be even higher as many go unreported.
Community banks, like Citizens Bank, are in a unique position to help shield our elderly customers against such abuses. We build long-standing relationships with our customers which often allows us to serve as a first line of defense against elder financial exploitation. Whether it’s identifying irregular account activity or educating customers on common scams, we’re committed to helping seniors maintain control over their finances.
With World Elder Abuse Awareness Day on June 15, we wanted to provide seniors and their family members throughout our communities with tips to guard against financial exploitation and highlight some of the most prevalent types of fraud.
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 common. Criminals are posing as Medicare or medical supply representatives to obtain personal information or provide bogus services and use the information to bill Medicare or assume an identity to perpetrate fraud.
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
Con artists are also capitalizing on the rise in video meetings, registering thousands of fake Zoom-related domains to send phony emails, texts, or social media messages to trick consumers into clicking on bogus links to address “account suspension” or “meeting” notices, among other things. Those who take the bait inadvertently download malicious software, 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 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. Healthy skepticism and initial hesitation, followed by a real phone call, will never hurt.
Telemarketing/Phone Scams
Seniors schooled in etiquette may frown upon “hanging up the phone” or simply saying “no” to unsolicited calls, but it also leaves the door open to criminals posing as company representatives. Three notable examples include:
- The pigeon drop where con artists pretend to share found money in exchange for a “good faith” payment drawn from the contacted person’s bank account.
- The fake accident ploy where con artists create a false narrative that a loved one has been injured in an accident and needs money for medical expenses, or a similar exploitative situation.
- Charity scams where con artists solicit funds on behalf of a charity for which they are not affiliated.
Don’t fall for it. Remember, if it’s too good to be true, it probably is. If you want to donate, go directly to the source. And if you are worried about a friend or family member, verify the information with them.
Consider developing a word or phrase to be used with your family and friends to confirm their identity—something that would never be guessed, is always remembered, and will never be written down on any digital device. On that note, a comprehensive AARP analysis that integrates both reported and unreported cases finds that most losses—over 72%—are caused by someone the victim knows.
Unfortunately, scams are always changing, making fraud nearly impossible to fully eradicate, but we’ll never stop looking out for your benefit and encourage you to consult the Federal Trade Commission’s “scam alert” page for information about the latest scams targeting consumers.
Our Citizens Bank employees are trained on the latest fraud prevention techniques and are available as a resource as well. 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.
Embrace the Power of NO
Saying “No” can be uncomfortable, especially when faced with someone who is charming, persuasive, and promising you everything you’ve ever wanted. Saying “No” doesn’t just feel like rejecting a request, it feels like rejecting a person. Scammers know this and will use every trick they can to make saying “No” feel impossible.
However, it is essential to remember that it is perfectly acceptable to reject, refuse, or ignore any suspicious requests. At the end of the day, saying “No” isn’t about being harsh, it’s about being safe. It’s about honoring your worth, your time, and your future.
“No” Is a Full Sentence
Remember, you don’t owe anyone an explanation for protecting yourself. “No” is a complete sentence.
- You don’t have to justify why you won’t send money.
- You don’t have to explain why you won’t share more personal information.
- You don’t have to feel guilty for questioning someone’s story.
A well intentioned person who truly cares about you will respect your boundaries. A scammer won’t.
So how do you do it? How do you get comfortable saying “No”?
- Set clear boundaries early.
If you get a suspicious phone call or email, let them know you don’t send money, you don’t share sensitive details, and you move slowly when building trust. - Keep it short and simple.
If someone asks for money or crypto, you can say:
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- “No, I’m not comfortable with that.”
- “No, I don’t send money online.”
- Just say “No” and hang up.
You don’t need a long explanation, because explanations invite arguments.
So the next time someone pressures you online, whether it’s for love, money, or for crypto, pause, breathe, and remember: “No” is your power word. Use it.
Monitor Your Credit Files and Account Statements Closely
If you discover an issue and feel your information has been compromised, it’s important to act quickly. Contact your financial institution immediately. Citizens Bank customers, contact your local Branch or call (844) 770-7100. If you have disclosed sensitive information in a phishing attack, you should also contact one of the three major credit bureaus and discuss whether you need to place a fraud alert on your file, which will help prevent thieves from opening a new account in your name. Here is the contact information for each bureau’s fraud division:
- Equifax: 800-525-6285
- Experian: 888-397-3742
- TransUnion: 800-680-7289
Test your
scam spotting skills.
scam spotting skills.
Can you tell the difference between a legit interaction and a scam?
