0920_September Comstock's Magazine September 2020 | Page 6

Protect yourself and your elders from financial abuse By Anthony Johnson, Banner Bank If you’re not 65 or older, odds are you care about someone who is—a parent, grandparent, neighbor or friend. This demographic is so often the target of financial exploitation, the Centers for Disease Control and Prevention has named financial elder abuse a public health crisis. As a longtime Sacramento banker, I’m particularly aware of elder financial abuse and know our team members play a vital role in protecting against it. Training employees to be alert to potential exploitation is one of many ways financial institutions invest in fraud prevention. But we need your help. Beyond the following tips, I encourage you to seek more information to protect yourself and those you care about. Elder financial abuse can accompany other forms of abuse, and may even be perpetrated by someone close to the victim. It can also come from scammers who use phone calls, emails, texts and social media to obtain personal information or manipulate a person into wiring funds, buying gift cards or otherwise sacrificing their savings. Older members of our community are often trusting, may feel lonely, and may face physical or cognitive decline—all of which can make them vulnerable to abuse and scams. So let’s team up for safety. Preventive steps: Talk about it – If you have aging parents, start a conversation about money. Listen, ask their advice and ease into deeper issues. As you age, talk with your younger loved ones. An open dialog makes it easier if the time comes to add a trusted individual to financial accounts or assign power of attorney. Keep connected – Social interactions are essential to well-being. Just as you hope to continue socializing with friends, encourage those you care about to stay engaged. Check on the seniors in your life so you can note any changes. Remain vigilant – Monitor accounts and voice concerns. Watch for large withdrawals, unusual purchases, changes in wills, and bills going unpaid. As family members divide responsibilities to assist a loved one, set expectations and ground rules. Call 911 if physical danger is imminent. Sponsored Financial Content Common elder fraud scams: Imposter scams – Someone poses as a relative in urgent need of money for bail or medical care. Or they pretend to be the IRS, a computer technician or even a neighbor asking for money. Winner scams – You get a phone call or email saying you’ve won a prize, but have to send money to claim it. Romance scams – Con artists use social media or dating sites to charm people and get them to send money, often without meeting in person. Quick reminders: • Scammers trick caller ID so phone calls appear to come from a business or person you know. If a phone call sounds odd or you feel pressured, hang up. • They’re also skilled at making fraudulent emails look legitimate. Never click on links in emails. • Never give personal information to people requesting it by email, text or phone. • Your bank, the IRS and the Social Security Administration will never call, text or email you for information such as your Social Security or account number. Resources: • Federal Trade Commission: FTC.gov • National Adult Protective Services Association: napsa-now.org • AARP Fraud Watch Network: AARP.org/money/scams-fraud Don’t hesitate to talk to your banker. In addition to keeping tabs on current scams and resources, we want to help and protect our clients. Anthony Johnson is a Banner Bank Senior Vice President and Retail Division Manager serving the greater Sacramento area. Reach Anthony at [email protected] or 916-917-8348. Bannerbank.com Member FDIC