Elder Financial Abuse Prevention

One in five individuals over the age of 65 has been the victim of financial fraud.

Financial exploitation is the most common form of elder abuse and yet only a small fraction of incidents are reported.

At AgFed Credit Union we deeply care about our members and try our best to keep their financial and overall well-being a priority!

As part of our on-going commitment to protecting our valued senior members, we’ve devoted this page to sharing up-to-date information and tips to help prevent common frauds, scams, and other types of elder financial exploitation.

Common Elder Fraud Schemes

Government impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they agree to provide funds or other payments.

Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information.

Sweepstakes/charity/lottery scam: Criminals claim to work for legitimate charitable organizations to gain victims’ trust. Or they claim their targets have won a foreign lottery or sweepstake, which they can collect for a “fee.”

Romance scam: Criminals pose as interested romantic partners on social media or dating websites to capitalize on their elderly victims’ desire to find companions.

Family/caregiver scam: Relatives or acquaintances of the elderly victims take advantage of them or otherwise get their money.

Grandparent scam: Criminals pose as a relative—usually a child or grandchild—claiming to be in immediate financial need.

Tips to Protect Yourself 

• Be cautious of unsolicited phone calls, mailings, and door-to-door services offers. Never give or send any personally identifiable information, money, jewelry, gift cards, checks, or wire information to unverified people or businesses. 
• Resist the pressure to act quickly. Scammers create a sense of urgency to produce fear and lure victims into immediate action. Call the police immediately if you feel there is a danger to yourself or a loved one.
• Make sure all computer anti-virus and security software and malware protections are up to date. Use reputable anti-virus software and firewalls.
• Disconnect from the internet and shut down your device if you see a pop-up message or locked screen. Pop-ups are regularly used by perpetrators to spread malicious software. Enable pop-up blockers to avoid accidentally clicking on a pop-up.
• Be careful what you download. Never open an email attachment from someone you don't know, and be wary of email attachments forwarded to you.
• Take precautions to protect your identity if a criminal gains access to your device or account. Immediately contact your financial institutions to place protections on your accounts, and monitor your accounts and personal information for suspicious activity.

You can learn more about how to find help or report abuse here. 

AgFed is a proud member of the National Association of Senior Advocates.  The National Association of Senior Advocates (NAOSA) was founded to protect our senior population from unethical business practices, scams and businesses who attempt to target and take advantage of not only seniors but all consumers. Please visit their website at www.naosa.org to take advantage of their resources.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. We do not endorse or guarantee the accuracy of third-party information.

Resources:

Department of Justice: Elder Justice Initiative ; FBI: Elder Fraud; Federal Trade Commission: Scam Alert