Protecting our Seniors: Tips to Prevent Elder Financial Abuse
At Logansport Savings Bank, we care deeply about our community—especially our seniors. As we recognize Elder Abuse Awareness Month this June, we want to help protect older adults from financial scams and exploitation. Sadly, elder financial abuse is on the rise, and it can happen to anyone. But with a few simple steps, you can help keep yourself or your loved ones safe.
What Is Elder Financial Abuse?
Elder financial abuse happens when someone takes or misuses an older adult’s money or property. This can be done by strangers, caregivers, or even family members. Scammers often target seniors because they may be more trusting or unfamiliar with new technology.
Here are some red flags to watch for:
• Sudden changes in bank accounts or spending habits
• Unpaid bills or missing money
• New “friends” or caregivers who seem overly involved
• Pressure to give money or sign documents
• Confusion about recent financial decisions
How to Stay Safe
1. Talk About It
Have open conversations with trusted family members about finances. Staying connected helps prevent isolation, which scammers often take advantage of.
2. Use Online Banking Tools
Set up account alerts to track unusual activity. Online and mobile banking can help you monitor your accounts anytime, anywhere.
3. Be Cautious with Calls and Emails
Never give out personal or financial information over the phone or email unless you’re sure who you’re talking to. Scammers often pretend to be from the IRS, Social Security, or even your bank.
4. Add a Trusted Contact
Ask us about adding a trusted contact to your account. This person can be notified if we notice suspicious activity and can help protect your finances.
5. Set Up Direct Deposit and Auto-Pay
These tools reduce the risk of lost or stolen checks and help ensure bills are paid on time.
6. Report Suspected Abuse
If you think someone is being taken advantage of, contact Adult Protective Services or your local law enforcement. You can also report scams to the Federal Trade Commission at reportfraud.ftc.gov.
We’re Here to Help
At Logansport Savings Bank, we’re committed to helping our customers stay safe. If you have questions or want help setting up account alerts or online banking, stop by our branch or give us a call. Together, we can protect our seniors and keep our community strong.