Safeguarding Our Elders: Combating Financial Elder Abuse Together

At First Utah Bank, we are proud to be a part of our vibrant Utah community, where the spirit of care, unity, and respect flourishes. Still, there’s a critical conversation we want to bring to the forefront—the issue of financial elder abuse. It’s not just a matter of financial security; it’s about safeguarding the dignity, trust, and well-being of our seniors, who have contributed so much to the fabric of our society.

It is a timely topic as June 15 is World Elder Abuse Awareness Day. This day was started in 2006 by the International Network for the Prevention of Elder Abuse and the UN’s World Health Organization.

As defined by the U.S. Department of Justice, “Elder abuse is an intentional or negligent act by any person that causes harm or a serious risk of harm to an older adult.” Sadly, elder abuse takes many forms and is an ongoing issue. A growing form of this abuse is financial elder abuse.

Understanding Financial Elder Abuse

Financial elder abuse is an insidious form of exploitation that targets seniors, seeking to deceive or manipulate them for financial gain. This can range from misusing a senior’s finances, properties, or assets, to outright theft. While this form of abuse often comes from those the elder trusts—family members, caregivers, or close friends, making it both a betrayal and a violation of their independence and security—financial scams by criminals targeting seniors are a growing problem. According to AARP, “2.6 million Americans … reported losing roughly $10 billion to fraud last year.” But many more of these crimes are not reported.

Recognizing the Red Flags

The signs of financial elder abuse can be subtle and easily overlooked, but knowing what to look out for can make all the difference.

If you are a senior, the Federal Bureau of Investigation has some tips to help you protect yourself. Here are a few of them:

• Resist the pressure to act quickly.
• Be cautious of unsolicited phone calls, mailings, and door-to-door service offers.
• Never provide any personally identifiable information.
• Never wire money to persons or businesses you have solely met online.

For family members, some red flags include sudden changes in bank accounts or banking practices, unexplained withdrawals, and new, unexplained financial arrangements, such as power of attorney. Also, watch for increased isolation of the elder, as abusers often try to create distance between the victim and their support networks.

According to HelpGuide.org, these are some of the most common scams targeting older Americans:

• Tech support scam: This one is common among tech-savvy seniors. Here the criminal poses as tech support and offers to help with a computer virus or hacked account.
• Grandparent scam: Sometimes criminals may pretend to be a relative, a grandchild is a favorite ruse, claiming to need money immediately. Other times, criminals pretend to be someone, law enforcement or hospital employee, who can get the money to the relative.
• Government impersonation scam: Criminals pretend to be government employees from various agencies, the IRS, Medicare, or SSA. They often say the senior owes money and threatens prosecution or fines if payment is not made immediately.

Empowering Seniors: A Shield of Vigilance

For seniors, staying informed is the first line of defense. Engaging with your financial institutions, understanding your rights, and keeping abreast of the latest scams can empower you against would-be abusers. Regularly reviewing financial statements and sharing banking practices with a trusted advisor or family member can also serve as a critical safeguard. And remember, it’s not just about protecting assets; it’s also about preserving your right to make informed decisions about your finances. If you have been scammed, or are concerned that you might have been scammed, tell someone. Don’t let embarrassment keep you from speaking up. You certainly aren’t alone!

The Family Fortress: Protecting Our Loved Ones

As family members, we can play a pivotal role in guarding against financial elder abuse. This begins with fostering open conversations about finance and well-being, ensuring our loved ones feel supported and heard. Establishing a system of checks and balances for those managing an elder’s finances can deter potential abuse. Being observant and involved in our elders’ lives allows us to notice if something seems amiss, prompting timely intervention.

When to Seek Help: Your Ally in the Fight

Recognizing that one person or family may not always be enough to combat financial elder abuse, it’s crucial to know where to turn for help. Various agencies both locally in Utah and nationally offer support and resources. The Utah Division of Aging and Adult Services, for example, provides guidance and can help connect seniors with the necessary assistance. Nationally, the National Elder Fraud Hotline (1-833-FRAUD-11) serves as a resource for reporting fraud against elders.

How First Utah Bank Steps In

At First Utah Bank, we see our customers not just as account numbers but as valued members of our community, deserving of respect and care, especially our senior customers. Our approach to combating financial elder abuse is based on our commitment to personalized service.

• Understanding that each customer’s situation is unique, we are happy to review your accounts to help identify any unusual activity or potential vulnerabilities before they become serious issues.
• Recognizing the power of collaboration, we work closely with local authorities and organizations specializing in elder welfare to ensure our customers have access to comprehensive support and resources.

At First Utah Bank, our commitment to stand as a steadfast ally for our seniors, ensuring their financial safety and dignity, is unwavering.

The strength of our community lies not just in our ability to grow and thrive but also in how we care for and protect each other, especially the most vulnerable among us. As your local bank, we’re dedicated to not just meeting your financial needs but ensuring your financial safety and well-being at every stage of life. Together, let’s pledge to keep our community a safe harbor for everyone, honoring the contributions and dignity of our seniors with the protection and respect they so rightly deserve.