Preventing Elder Financial Abuse – Downeast Credit Union

Preventing Elder Financial Abuse

Posted on June 11, 2021 | Fraud Defense

According to the National Council on Aging, one in ten Americans over the age of 60 will experience some form of elder abuse. Financial exploitation of older adults is one form of abuse that is on the rise! Raising awareness about this issue is important, especially in Maine due to our state’s rapidly aging population. June 15 is World Elder Abuse Awareness Day marking a perfect opportunity to educate our members about elder financial abuse and how to prevent it.

Learn more by watching this video from the Maine Credit Union League:

Knowing the Signs of Elder Financial Abuse:
– Money missing from accounts
– Unusual use of credit card activity
– Unpaid bills, collection letters, or a lack of food in the home
– Changes in mood or behavior (depression, anxiety, etc.)
– Missing belongings

How to Take Action:

– Call emergency services (911)—this is especially important if you feel someone is in immediate danger
– Contact protective services—In Maine, the number to call is 1-800-624-8404 (24-hour, toll free) or visit the DHHS website
– Create an FTC Identity Theft Report
– Reach out to their credit union or financial institution
– Contact the nursing home ombudsman (if the victim is living in a nursing home)
– Remain in close contact with the person to help monitor

Be on the defense when it comes to fraud! If you’re ever unsure about something, the Team at Downeast CU is just a phone call away at 800-427-1223.
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