Be aware of elder financial abuse this holiday season

Elder financial abuse is a crime that is on the rise, according to Clint Smith, region president for Zions Bank located in Logan.

His team sees more counterfeit bills, fraudulent checks and elderly folks who are being taken advantage of during the holiday season.

Most financial abuse committed against older individuals is perpetrated by someone that is close to the individual, Smith said. Often that’s a caretaker or a family member. But sometimes its perpetrators outside of the United States involved in fraud schemes.

“It can take all forms,” Smith said. “But when we’re speaking about elder abuse, I think it’s most narrowly defined as somebody who’s in a position of trust who takes advantage of an older person. And for the most part, that is people that are close to them.”

Smith said elder financial abuse is something bank employees deal with regularly, and it’s something they are pretty adept at spotting. According to him, one in five Americans over the age of 65 have been a victim of this kind of abuse. In Cache Valley, one in 10 residents are 65 and older.

“It’s affecting a large portion of our populace here in the valley,” Smith said.

This time of year, the issue significantly increases, he said. While Smith doesn’t know the exact reason, he thinks it may be because people are strapped for cash this time of year and are looking to have money to buy presents or for other reasons.

“I just know that in our industry, we’re on high alert November and December in terms of losses, these are our highest months for losses,” he said. “We’re extra vigilant this time of year because there’s so much going around.”

Smith said it is extremely important for an elderly person to have somebody in their life who they can trust. This could be a trusted friend or family member who can help them review their statements on a monthly basis.

“That can go a really long way in helping to spot those trends that are emerging before they get out of control,” he said.

Elderly individuals and those with older people in their lives should be educated on this issue, Smith said. An individual should never trust someone they do not know personally about their financial information. The only person an individual should really trust with financial information is their bank’s employees.

“Bring your questions to your bank,” Smith said. “Ask your banker if something feels off, and always give your bank the truth because the questions that we’re asking are to protect you.”

Those with older folks in their lives should be on the lookout for signs of financial exploitation, he said. The signs they look for in a bank setting can include transactions that are out of the normal and physical indications such as strange interactions between elderly people and family members, physical abuse or intimidation.

“Really being on the lookout for anything that looks out of the normal for a family member or a neighbor can help us to spot that abuse and protect them,” Smith said.

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Be aware of elder financial abuse this holiday season