Elder Abuse

World Elder Abuse Day - June, 15, 2021

Roughly 20% 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.

The COVID-19 pandemic made the problem even worse with fraudsters coming out of the woodwork. Many of our vulnerable citizens found themselves the victim of scammers pretending to assist with COVID-19 related services and using medical and other ill-gotten personal information to perpetrate fraud and rob them of their life savings.

At State Street Bank we've taken a proactive approach to detect and prevent financial fraud against older customers through routine employee training and the use of technology to spot red flags and report suspicious activity to authorities.

State Street Bank has earned the AARP BankSafe Trained Seal. The AARP Initiative has trained our employees to recognize the red flags, understand the appropriate steps to take and feel empowered to put their knowledge and skills to work. So when you bank at State Street Bank, you know you are in good hands and we know how to identify fraud and exploitation to keep you safe We are committed to protecting our customers and fight exploitation.

With World Elder Abuse Awareness Day, we wanted to provide our nation's seniors and their 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.

Another COVID-19 related scam centers around a FEMA program to assist with funeral expenses. While this is a legitimate program, and you can reach out to FEMA to apply for these benefits, citizens should be mindful that:

  • FEMA will not contact you until you call or apply for assistance.
  • The government won’t ask you to pay anything to get this benefit.

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

At the onset of the pandemic, 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

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:

  1. 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.
  2. 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.
  3. Charity scams where con artists solicit funds on behalf of a charity for which they are not affiliated or are not legit.

Remember, if it’s too good to be true it probably is. If you want to give go directly to the source. And if you are worried about a friend or family member, verify the information with them directly.

Scams are always changing. This year’s pandemic 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.

And as trusted stewards of our customer’s financial data, feel free to reach out to us. Our community bank employees are trained on 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.