In Recognition of World Elder Abuse Awareness Day
Franklin Savings Bank and the Senior Housing Crime Prevention Foundation (SHCPF) are providing tips for preventing the disturbing trend of elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15, 2023.
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 a trusted community bank, Franklin Savings Bank takes a number of steps to identify, prevent and report suspicious activity for the protection of our customers,” said Ron Magoon, CEO. “But we want to ensure our communities are also equipped to recognize the warning signs and take steps to protect themselves and their loved ones from scammers.”
Franklin Savings Bank and SHCPF 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), in a bank safety deposit box.
- 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,” SHCPF President and CEO David Lenoir 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 https://shcpfoundation.org/cra-partners/
About Franklin Savings Bank
Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering an array of commercial lending, personal banking and investment services. The Bank also offers investment, insurance and financial planning services through its wholly-owned subsidiary, Independence Financial Advisors. A recognized leader in providing the latest in financial services technology, Franklin Savings Bank remains committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.
The SHCPF mission is to provide protection and an enhanced quality of life for vulnerable senior housing residents through meaningful turnkey CRA compliance for community focused banks.
The Foundation is funded exclusively by the banking industry and is endorsed by over 30 Bankers associations.
For more information visit SHCPFoundation.org or call 800-529-9096.