Preventing Elder Financial Fraud
Warning signs to help prevent elder financial abuse.
Every day criminals, scam artists and hackers target millions of people in an attempt to steal money or confidential banking information. The elderly are a more susceptible target because they’re very trusting and often live in isolation.
One of the best ways of preventing fraud is through education and familiarizing yourself with the warning signs of fraud.
Learn how to recognize these red flags to help prevent elders from financial exploitation:
• A change in spending habits. If you start noticing out-of-character spending behaviors like large cash withdrawals or wire transfers that this person doesn’t normally make.
• Unusual use of Credit Cards. Frequent use of Credit Cards or abnormal cash advances. Also, be on the lookout for changes to ‘authorized users’ on Credit Cards.
• Missing statements or bills. If a person is missing or not receiving bank statements or bills they regularly receive.
• Getting unsolicited credit cards. If a person starts receiving credit cards that that they never applied for.
• Receiving collection calls or mismanagement of money. If a normally financially responsible person appears to not be paying bills on time or not purchasing other necessities like food.
• Change in demeanor. If a person begins showing a change in their normal behavior (like nervousness or sadness) or social habits.
One of the most important ways to help prevent elder fraud is staying in regular contact with your older family members and friends. Regular contact gives you a better understanding of what their behavior and moods are normally like, making it easier for you to notice changes that suggest abuse or illness. Also, abusers are less likely to target elders who have a strong family and social network.
Help us keep you safe
It’s very important that we have your current contact information (including phone numbers for home, work, mobile and email address) in case we need to notify you of a potential fraud risk.
Your participation and immediately responding to our contact efforts is a crucial step in helping to prevent fraud from happening to you.
• Contact us with your most up-to-date contact information
• Notify us if you will be traveling and using your Debit or Credit Card to avoid service interruptions
• To report Fraud on your Debit or Credit Card, please visit necu.org/reportfraud and fill out the form.
Northeast Credit Union will never call, email or send a text message and ask you for your account numbers, PIN or other personal information.