Scam: Elder Financial Abuse
There’s a growing trend of scammers taking advantage of elderly people and their finances. People in here in Smith County have lost their entire life savings to these crimes.
Scenario:
A scammer establishes a friendly relationship with an elderly person, perhaps posing as a new friend interested in taking care of them and keeping them company. As the relationship builds, the scammer convinces the elderly person that his or her credit union or bank is corrupt and tells the victim to start withdrawing money in large chunks. Or, the scammer has the person open an account at a different financial institution to start transferring money. The scammer tells the victim not to listen to the financial institution employees if they advise against withdrawing the cash. If the elderly person has second thoughts, the scammer starts using threats to make them withdraw the money. Unfortunately, the scammer is not always a stranger. Family caregivers often cheat these people out of their money, as well.
What should you do?
Trust your credit union and its employees. Listen to advice from Kelly Community over the advice of a stranger when it comes to your or a family member’s money. Credit unions are regulated by the federal government and audited regularly to ensure we operate within the law and keep your money safe.
Avoid giving power of attorney or legal guardianship to just one family member. Consider appointing several family members from different sides of the family so you have a better chance of them not spending your money inappropriately.
Be careful when using dating apps and social media – especially when people you’ve never met are asking you for money after you’ve just met them. It’s a red flag they may be a scammer.
Be wary of anyone who asks you or an elderly loved one to withdraw huge amounts of cash or transfer large amounts of money to a bank account that is not their own.
Never give a stranger or new friends access to yours or your loved ones’ bank accounts.
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