Unfortunately, there are scammers out there who prey on the elderly, especially those who aren’t as technologically savvy. As a result, some people could end up losing thousands of dollars because they didn’t recognize the red flags.
The bankers at Cornerstone Bank in Kansas City have seen the effects of elder abuse scams firsthand, and we would hate for it to happen to you or a loved one. Therefore, we’ve created a quick guide to help you catch the signs.
What are elder abuse scams?
You may not have heard about elder abuse scams, but they are definitely worth considering. Our bankers at Cornerstone have seen firsthand how scammers take advantage of older people to steal their money.
Here’s how it may work:
If you are older, someone may call you claiming to be your grandson who needs monetary help after being arrested (yes, we have seen this happen). They may even have you speak to someone who says they are an attorney to validate the statement.
There’s no one way someone can scam an elder. In fact, they may use any of the methods above or something more creative. The idea is that elders are less likely to understand, especially if they are disabled, lonely, or unfamiliar with technological banking advances.
Signs of an elder abuse scam:
- Catfishing (someone claiming to be a person they aren’t on the internet)
- Telemarketing asking for personal information
- Someone trying to convince you to move out of your home
- A call claiming your social security number has been suspended for suspicious activity
- Being coerced into signing power of attorney documents
- Claiming you won the lottery
- Unsolicited offer to repair your home for an upfront fee
How to protect yourself from elder abuse scams
While elder abuse scams can come in many forms, there are measures you can take to protect yourself against them. If you ever think you’re a victim of any type of banking fraud, don’t hesitate to contact our office! We are always here to help you decipher a scam from a legit company so your finances stay secure.
- Have a trusted friend or relative help you maneuver through important financial tasks, if needed.
- Verify with family members if someone claims to be your grandchild.
- Never send anyone money who tells you not to tell your bank (Cornerstone Bank will ask you why you are withdrawing over $3,000).
- Do not trust companies/people you have never heard of or met.
- Be wary of popups on the internet, and don’t download strange attachments.
- Ignore telemarketing calls.
Up Next: Learn about phishing bank scams.
Cornerstone can help you protect yourself from elder abuse scams
More than anything, our bankers are here to help you with any of your financial needs. Since 2001, we have been a primary resource for our customers across the Kansas City metro and the country. We take pride in watching our customers thrive, no matter who you are.
We always put our customers first, and that means giving them the best banking has to offer. We don’t believe in simple banking; rather, we go above and beyond to help our customers make their money work for them.
For more information, visit our Overland Park office or give us a call at 913-239-8100 to let us know how we can help.