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.
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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