Elder Financial Abuse

SDCCU is committed to helping prevent the financial exploitation of older adults. In 2018, U.S. banks reported 24,454 suspected cases of elder financial abuse to the Treasury Department, and the Consumer Financial Protection Bureau (CFPB) reports that since 2013, financial institutions have reported nearly 200,000 suspicious activities targeting elders for a total of more than $6 billion. Losses are typically substantial. The CFPB estimates that the average monetary loss of a victim of elder financial abuse is $34,200.

While elder financial abuse is the most common form of elder abuse, it’s sadly also the least reported. Elder abuse is likely to continue to grow just as the elder population increases. SDCCU is committed to helping prevent, detect and fight this horrible crime.

The following common scams often targeted at elders:

• Military Benefits
• Charity
• IRS and Social Security 
• Romance
• Mail Fraud
• Medical ID Fraud

 SDCCU Resources

• See our blog on Elder Financial Exploitation
• Join us for a free presentation on Elder Financial Abuse as a part of SDCCU’s Financial Wellness Wednesdays. For a full list of topics visit sdccu.com/fww.

If you suspect you or someone you know may be falling victim to a scam, report it immediately!

• All scams can be reported online at ftc.gov/complaint
• IRS specific scams can also be reported at 1-800-366-4484
• Forward emails to phishing@irs.gov
• Social Security scams can be reported online at oig.ssa.gov
• Report suspicious Medicare activity, 1-800-MEDICARE
• Smart Money Adult Resource Guide from CFPB: https://files.consumerfinance.gov/f/documents/201703_cfpb_money-smart-for-older-adults-resource-guide.pdf