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For Your Life August 22, 2023

Money Safety for Seniors: tips for protecting yourselves and young ones

Anyone can be a victim of financial fraud and abuse, but scammers often target the elderly and those with fixed incomes. Known as elder fraud or elder financial exploitation, this is rapidly growing crime. According to the American Banker’s Association (ABA) Foundation, the average loss per older adult impacted was $35,101 in 2022 and the FBI reported that total losses increased 84% between 2021-22.

What is Elder Fraud?

Elder fraud targets an elderly victim, which is defined as adults aged 60 and older. These financial crimes can be committed by a stranger or someone close to the victim, such as a friend, family member or caregiver. They are often targeted because seniors generally have more accumulated wealth, thanks to a lifetime of working, investing and saving.

As a result of elder fraud and exploitation, victims may lose their life’s savings or their homes. They often also experience fear, shame, anxiety and depression, sometimes causing them to lose their independence, and in turn, a decline in their overall health.

Money Safety for Seniors

Old National is passionate about protecting your accounts and information. That’s why we created the Money Safety for Seniors program. This program outlines how to detect, protect against, and report the financial exploitation of seniors. In 2018, the American Bankers Association recognized Old National with a Community Commitment Award for the Money safety for Seniors program.

We have developed this and other financial education programs to help people in our communities protect themselves and make sound money management decisions in their everyday lives. In the Money Safety for Seniors program, several of the common financial exploitations and scams are explained along with tips for how to recognize and avoid becoming a victim to them. 

Elder Theft

Elder theft is a form of financial exploitation that occurs when trusted individuals steal money or belongings from seniors. According to the ABA, elder theft comprises two-thirds of the elder financial exploitation cases.

Some examples include:

  • Forging checks
  • Stealing retirement or Social Security benefits
  • Using credit cards or bank accounts without permission
  • Changing names on wills, bank accounts, life insurance policies, or real estate titles without permission

Elder Scams

Elder scams occur when strangers deceive older adults into transferring money to them for promised goods, services or financial benefits which do not exist or were misrepresented.

Examples include:

  • Tech support scams — Scammers pose as tech repair agents to access victims’ computers and finances
  • Investment scams — Perpetrators induce investors to make purchases based on false information and promises of large returns with minimal risk
  • Romance scams — Criminals seek money from victims on dating apps and social media
  • Government or family imposter scams — Fraudsters impersonate government officials or family members to demand money
  • Lottery scams — Criminals claim victims must pay taxes or fees to access winnings from a lottery or raffle

To learn more about how to protect yourself or your loved ones from elder fraud and exploitation, consider attending a Money Safety for Seniors class or schedule one for your group or organization. Click here to complete and submit a brief form and Old National will contact you.

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