NORWICH – Every year, millions of seniors fall victim to financial fraud. Studies show elder financial abuse costs seniors approximately $2.9 billion each year. In recognition of World Elder Abuse Awareness Day on June 15, NBT Bank is urging older customers and their trusted caregivers to safeguard all personal information and stay alert to the common signs of financial abuse.
“Elder financial exploitation crosses all social, educational and economic boundaries,” said NBT Bank Executive Vice President of Operations and Retail Banking Joseph Stagliano. “With an aging population, it is becoming increasingly important for individuals, families and caregivers to be aware of the many scams and coercive activities that target financial exploitation of the elderly.”
Older adults are more at-risk because many depend on others for care, are not sure how to manage finances, are pressured into giving money, may fear retaliation, or are simply unable to detect a scam. Financial exploitation often leads to unlawful access and use of an older person’s financial assets and resources.
Common scams from strangers include a “grandparent scam” in which an older adult is told a grandchild is in some type of trouble and money is required to help; a “lottery” or “sweepstakes” scam that requires an older adult to pay alleged taxes and fees to collect winnings from a fake sweepstakes; and a “tax scam” that claims the older adult owes back taxes or underpaid their taxes.