Learn how to protect you and your loved ones from financial abuse.
We make it our priority to protect your finances and your personal information from getting into the wrong hands. However, data from the National Center on Elder Abuse (NCEA) shows that 1 in 10 community-dwelling older adults have experienced some form of abuse and roughly 12% of those cases were financial in nature. The NCEA states that these statistics are only from cases of abuse that were reported. More detail on the statistics can be found here. Many more incidents of elder financial abuse are not reported due to various factors including dependency on or fear of the abuser and physical or cognitive impairments.
Some of the common signs of Elder Financial Abuse:
- Isolation from friends or family
- Unusual changes in behavior
- Fraudulent signatures on financial documents
- Unpaid bills
- Unusual or sudden changes in spending patterns, will, or other financial documents
The FDIC also has great information on how to identify, prevent, and report suspected elder financial abuse.
Brochures, fact sheets, and outreach guides involving elder abuse prevention and detection can be found at https://ncea.acl.gov/Resources/STEAP.aspx.
As always, we here at First Federal Bank want to do everything we can to help prevent financial abuse and protect our customers. If you suspect you or a loved one has become a victim of financial abuse, please don't hesitate to call us at (806) 385-7511 or visit the above link to the FDIC's website to find out how to report suspected elder abuse.