Elder Fraud & Financial Exploitation: A Growing Concern
Elder fraud is a growing concern across the country, and staying informed is one of the best ways to protect yourself and the people you care about. Fraudsters continue to evolve their tactics, making it increasingly important for seniors—and those who support them—to understand the warning signs and take proactive steps to stay safe. At our Bank, we’re committed to helping you recognize risks, safeguard your information, and stay confident in your daily financial activities.
Recognizing Common Scams Targeting Older Adults
Practical Ways Seniors Can Protect Themselves
Community Resources and Support
- Scams targeting seniors often appear convincing and legitimate. Understanding the most common schemes can help you spot suspicious behavior before fraud occurs.
- Check Fraud: Criminals use counterfeit checks or alter legitimate ones to steal funds.
- Identity Theft: Stolen personal information—like Social Security numbers or birthdates—allows scammers to impersonate victims or open accounts in their name.
- Email & Computer Scams: Fraudsters send emails pretending to be trusted companies or claim your computer has a “virus” to trick you into paying unnecessary fees.
- Phishing & Spoofing: Texts, calls, or emails appear to come from reputable organizations but are designed to steal sensitive information.
- Impersonation Scams: Scammers pose as bank employees, IRS agents, or even family members to pressure victims into handing over money.
Being aware of these tactics is the first step in preventing financial exploitation and loss.
A few everyday habits can significantly reduce the risk of elder fraud:
- Use Direct Deposit: Electronic payments are less likely to be intercepted than checks sent through the mail.
- Monitor Accounts Regularly: Reviewing bank statements and credit reports helps detect unusual activity early.
- Secure Personal Documents: Shred papers with sensitive information and treat Medicare and insurance cards like credit cards.
- Stay Informed: Resources like AARP Watchdog Alerts help you keep up with the latest scams.
- Add a Trusted Contact Person: Adults 60+ can designate a Trusted Contact Person who can be notified if suspicious activity occurs.
Connecticut’s Public Act No. 23 161 empowers financial institutions to voluntarily adopt enhanced protections for older customers. These safeguards, combined with community education, create a strong support system for seniors.
If you or someone you know suspects elder fraud, AARP offers a dedicated fraud helpline at 877 908 3360, Monday through Friday, 8 AM to 8 PM.
Together, we can create a safer financial environment for our seniors and help ensure peace of mind for you and your loved ones.