06/15/2021: Tips to Help Prevent Elder Financial Abuse
HATBORO FEDERAL SAVINGS, ICBA Offer Tips to Help Prevent Elder Financial Abuse in Recognition of World Elder Abuse Awareness Day
Hatboro, PA (June 15, 2021)–HATBORO FEDERAL SAVINGS and the Independent Community Bankers of America (ICBA) are providing tips for preventing the disturbing trend of elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15.
Older Americans lose roughly $3 billion to a growing number of scams each year, according to the United States Senate Special Committee on Aging. But only one in 44 cases get reported, according to the National Adult Protective Services Association, putting the true cost as high as $35.5 billion annually.
“As financial stewards of the community and trusted lenders, HATBORO FEDERAL SAVINGS takes a number of preventative steps to identify, prevent and report suspicious activity for the protection of our customers,” said Linda Roehner, President and CEO of HATBORO FEDERAL SAVINGS. “But we want to ensure all Bucks & Montgomery County residents are equipped to recognize the warning signs and take steps to protect themselves or their loved ones so together we can stop bad actors from robbing millions of Americans of their financial nest egg.”
HATBORO FEDERAL SAVINGS and ICBA offer the following suggestions to help curb the rising tide of elder financial abuse:
- Secure private information (Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents).
- Check your bank accounts and bill statements carefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
- Do not disclose personal information, such as bank account numbers or PINs, to anyone in a phone call, letter, email, fax or text message claiming to be from an established organization, especially if they ask you to wire funds or send private information.
- Ask your local community bank about available resources to help protect you or your loved ones from scams and exploitation.
- Plan ahead by giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
- Contact your local adult protective services agency and law enforcement if you have information about a fraud or suspect you may have encountered financial abuse.
“Community bankers are often relied upon as the front line of defense in the protection of their customers and as providers of prevention education and information for elderly customers and their adult children,” ICBA President and CEO Rebeca Romero Rainey said. “Call on your local community banker, to help identify prevalent scams and safeguard your hard-earned financial future.”
To learn more about the elder financial abuse and prevention strategies, visit icba.org/eldercare.
About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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