June is Elder Abuse Awareness Month, and as part of our mission to protect and empower our members, US Community Credit Union is raising awareness about a growing and heartbreaking issue: Elder Financial Abuse.
What is Elder Financial Abuse?
Elder financial abuse occurs when someone illegally or improperly uses an older adult’s money, property, or assets. It’s one of the most common forms of elder abuse and can take many shapes, from scams and fraud to exploitation by family members or caregivers. The elderly are especially vulnerable to financial abuse due to factors such as cognitive decline, isolation, dependence on others, and, unfortunately, a high degree of trust.
Who Are the Abusers?
Elder financial abuse can come from anyone, but most often:
- Family members (especially adult children or grandchildren)
- Caregivers
- Scam artists and fraudsters pretending to be government officials, bank representatives, or tech support
- New acquaintances with romantic or opportunistic intent
Shockingly, in many cases, the abuser is someone the elder knows and trusts.
Warning Signs of Financial Abuse
It’s important to stay vigilant. Here are some red flags that may indicate financial exploitation:
- Sudden changes in bank account balances or banking practices
- Unexplained withdrawals or wire transfers
- New “friends” or romantic interests taking control of finances
- Missing possessions or funds
- Changes in legal documents like wills or powers of attorney
- Unpaid bills or disconnection notices despite sufficient income
Beware Common Scams
Stop immediately if you encounter any of these situations. Do not send money or provide any form of payment. When in doubt, contact USCCU directly.
- Computer Support Scam
A pop-up on your screen claims there is a virus. It tells you to call a support number, often claiming to be Microsoft. Do not call the number or allow remote access. The scammer wants to steal your logins. Close the browser and clear your history. Use a trusted local technician if needed. - Sweetheart Scam
You meet someone online. As the relationship grows, they ask for money to deal with a personal emergency. Do not send money. This is a common romance scam targeting emotional trust. - Credit Union Impersonation Scam
You receive a call that appears to be from USCCU. The caller claims to be an employee and asks for a verification code. Do not share the code. It gives immediate access to your account. Scammers often already have your username and password. Hang up. Change your password. Only give information when you initiate the call. - Gift Card Scam
You receive a fake payment for a task. You are then asked to buy gift cards and send the codes. The payment is fraudulent. You will not be reimbursed for the cards. - Overpayment Scam
A scammer overpays you for a service or job. They ask you to return part of the money using a wire or Zelle. The original payment will bounce. The refund you sent is real and cannot be recovered. - Relative in Need Scam
You get a call or message about a relative needing help. Often, it’s a grandchild traveling abroad. Verify the situation. Do not send money until you confirm with family directly. - Tax Audit Scam
You receive a call about a tax issue. The caller threatens fines, garnishment, or jail unless you pay. This is a scam. The IRS does not make threats by phone. Real tax issues are sent by mail.
How You Can Help
At USCCU, we believe in the power of community. If you notice any signs of elder abuse in your family, neighborhood, or among our members, don’t stay silent. Here’s what you can do:
- Talk openly with elderly family members about financial safety
- Offer to help review bank or credit card statements
- Educate loved ones on common scams
- Encourage them not to give out personal information over the phone or email
- Report concerns to Adult Protective Services (APS) or local law enforcement
How USCCU Supports Financial Protection
Our team is trained to identify and respond to potential signs of elder financial abuse. We encourage members to contact US directly if they have questions about unusual account activity, suspect they’ve been targeted by a scam, or simply want to learn more about protecting their finances.
Together, we can make a difference. Let’s stand up for our seniors and ensure they feel safe, supported, and financially secure.