You or someone you know could become the victim of a growing crime in America: the financial exploitation of older adults. While criminals target people of all ages, older Americans are especially at risk. Nowadays, scammers are using increasingly sophisticated tactics to take advantage of vulnerable populations. 

Elder financial exploitation occurs when someone wrongfully takes or misuses an older individual’s money, property, or belongings without their consent or in a threatening and coercive manner. This type of abuse can drain savings, undermine financial security, and cause significant stress. Those responsible can be strangers, but they can also be people the victim knows and trusts, such as relatives, friends, caregivers, medical professionals, or business contacts.

Safety Tips for Older Adults

• Take proactive steps to manage your money. Choosing a trusted person to help oversee your financial matters can be very beneficial and give you peace of mind.
• Destroy documents such as receipts, financial statements, and pre-approved credit offers before throwing them away. 
• Keep checkbooks, credit cards, bank statements, and sensitive paperwork in a secure place. Only share access to this location with people you trust. 
• Review your credit report regularly and watch for any unfamiliar activity. 
• Never share personal or financial details, like your Social Security number or bank account information, over the phone, in an email, or with people you do not know.
• Do not make financial decisions under pressure. Request written details and seek advice from a trusted second party before moving forward.
• Speak with a financial professional or attorney before signing any agreement you do not fully understand.
• Build a relationship with your bank. Familiar staff can help monitor your accounts, flag unusual transactions, and answer any questions or concerns you might have.
• No one has the right to threaten, pressure, or intimidate you. If someone appears to be trying to control or gain access to your finances, contact your local law enforcement and notify your bank immediately.
• Listen to your instincts. Financial exploiters can be persuasive and manipulative. If something feels off or sounds strange, it’s best to walk away and tell a trusted friend or family member.
• Your bank will never ask for sensitive information over the phone, by text, or by email. If you get a strange phone call, text, or email claiming to be from your bank or a family member, do not respond. Call your bank immediately and report the incident. 

If You’ve Experienced Financial Exploitation

Reach out to someone you trust, such as a close family member or friend, and share what’s happening. Come up with a plan together, such as notifying your bank to help protect your accounts. You can also contact your local law enforcement agency to report the incident and figure out the next steps.

Guidance for Family Members and Friends

It’s important to be alert for sudden or unexplained changes, including:

• Unexpected or frequent withdrawals, transfers, or other account activity that doesn’t make sense or seem normal for the individual. 
• Financial transactions that the individual cannot explain or recall authorizing.
• A new person closely involved in financial decisions.
• Missed bill payments, overdrafts, or repeated non-sufficient funds notices.
• Attempts to send large wire transfers that seem out of character, especially if it’s to a stranger.
• Phone calls and texts from unknown numbers or suspicious emails claiming to be family members or friends in trouble and demanding large sums of cash. 
• Checks with questionable signatures or signs of alteration or forgery.
• Visible confusion, anxiety, or fear related to money matters.
• Hesitation, embarrassment, or avoidance when asked about finances.
• Checks labeled as “gifts” or “loans” that don’t seem legitimate.
• A caregiver, relative, or acquaintance taking control of finances without proper authorization.
• Sudden changes to wills or trusts.
• Unexplained loss of personal or real property.

What to Do If You Suspect Financial Exploitation

Have an open, supportive conversation with your older loved one to understand what is happening and how serious the situation is. Alert the individual’s bank right away so protective measures can be put in place. Contact Adult Protective Services and local law enforcement to report concerns and complaints. Lastly, develop a plan that everyone agrees on regarding financial matters. Suggest being a resource and helping your loved one in whatever way they feel comfortable.  

Join Us for a Community Presentation on Preventing Senior Fraud

Waypoint Bank’s Imperial branch is proud to support a community education program hosted by the Imperial Police Department focused on protecting older adults from financial fraud.

Ryan Sothan from the Nebraska Attorney General’s Office will present “Preventing Senior Fraud,” sharing practical tips, real-world examples, and guidance on how seniors and their families can recognize scams and protect their finances.

Event Details: 

• Date: Wednesday, February 1
• Time: 12:00 PM
• Location: Imperial Senior Center, 900 Wellington St
• Lunch: Provided for those who RSVP by 9:30 AM the day of the presentation

This event is open to everyone, and all community members are encouraged to attend.

To RSVP, please call 308-882-5343.

Waypoint Bank is committed to helping our community stay informed, protected, and confident when it comes to financial security.