• Facebook
  • Pinterest
  • Twitter
  • Linkedin

Milwaukee Neighborhood News Service

Your neighborhood. Your News.

newsMilwaukee NNSMilwaukee NNSSearch
Subscribe to NNS today!
Advertisement
  • Home
  • News
    • Arts and Recreation
    • Community
    • Economic Development
    • Education
    • Health and Wellness
    • Housing
    • Public Safety
    • NNS Spotlight
    • Special Report
  • Posts From Community
    • Submit a Story
  • Community Voices
  • How To
  • Multimedia
    • NNS Local Video
    • Photos
    • NNS on Lake Effect
    • NNS WGLB 1560 Radio
  • Subscribe
  • Donate
  • About
    • Staff
    • Partners
    • News 414
    • The neighborhoods we cover
Milwaukee Neighborhood News Service
Milwaukee Neighborhood News Service

Diederich College of Communication, Marquette University

You are here: Home / "How To" articles / How to prevent fraud against the elderly

How to prevent fraud against the elderly

October 18, 2017 by David Frank, PNC Bank in Wisconsin 1 Comment

Share this...
Share on Facebook
Facebook
Pin on Pinterest
Pinterest
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin



Financial exploitation occurs when a person misuses or takes the assets of a vulnerable adult for his or her own personal benefit. Experts say that as America ages, financial exploitation is rising.

Each year, elderly Americans lose almost $3 billion because of exploitation, according to The MetLife Study of Elder Financial Abuse. Because the crime is often underreported, it is hard to know how many elderly people are affected each year. And while stranger exploitation does happen, perpetrators are often family members, neighbors or caregivers.

So who is vulnerable?

PNC regards any person age 60 or older as a vulnerable person regardless of mental capacity. Vulnerable adults are also those age 18 or older who are unable to care for or make decisions for themselves because of diminished physical or mental capacity. Business owners are at risk if they fall into these groups.

Recognizing abuse

Here are some red flags that could indicate financial exploitation of an older or vulnerable adult. These are not the only scenarios, but are common indications of exploitation that financial institutions look for:

  • Frequent large withdrawals, including daily maximum ATM withdrawals
  • Sudden unpaid bills or non-sufficient funds activity
  • Debit transactions that are inconsistent for the customer
  • Uncharacteristic attempts to wire large sums of money
  • Disregarding penalties while losing CDs or accounts
  • Withdrawal requests when the customer appears vulnerable and financially exploitable

Unusual or strained interactions with caregivers or others may indicate a problem. Financial institutions are also on the lookout for:

  • A caregiver or others who show excessive interest in the customer’s finances or assets, does not allow the customer to speak for himself, or is reluctant to leave the customer’s side during conversations.
  • The vulnerable adult shows an unusual degree of fear or submissiveness toward a caregiver, or expresses a fear of eviction or placement in a nursing home if money is not given to a caretaker.
  • Bank employees are unable to speak directly with the elderly individual, despite repeated attempts to contact him or her.
  • A new caretaker, relative, or friend begins conducting financial transactions on behalf of the customer without proper documentation.
  • The customer lacks knowledge about his or her financial status or is suddenly reluctant to discuss financial matters.

If you suspect exploitation, we urge you to report your suspicions to local law enforcement and the vulnerable person’s financial institution. You can also report suspicions to Adult Protective Services at the Wisconsin Department of Health Services.

By being more aware of these signs and being vigilant, we can work together to stop the scourge of financial exploitation of our most vulnerable citizens.

Share this...
Share on Facebook
Facebook
Pin on Pinterest
Pinterest
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin

Filed Under: "How To" articles

Avatar

About David Frank, PNC Bank in Wisconsin

Comments

  1. AvatarCarol says

    October 19, 2017 at 1:49 pm

    If you are working in the community or need free resource materials, CFPB publishes a guide book, “Money Smart for Older Adults” to help prevent, recognize, and report financial exploitation. Go to: https://www.consumerfinance.gov/practitioner-resources/resources-for-older-adults/protecting-against-fraud/

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

Top Stories

Advertisement

How To …

How to avoid stimulus check scams

A new round of stimulus checks will likely also bring out a new round of scams. Here’s what to watch out for.

More "How To" articles

Advertisement

Recommended Reading

A Vaccine Reality Check

The Atlantic

UWM study on the state of Black Milwaukee describes the city as ‘the epitome of a 21st century racial regime’

Milwaukee Journal Sentinel

Videos Show How Federal Officers Escalated Violence in Portland

The New York Times

These mayors want to fight Covid-19 and the recession with one big idea: A guaranteed income

Vox

The World John Lewis Helped Create

The Atlantic

News

  • Arts and Recreation
  • Economic Development
  • Education
  • Health and Wellness
  • Housing
  • Public Safety
  • NNS Spotlight
  • Special Reports
  • Multimedia
    • NNS Videos
    • Photos
    • NNS on Lake Effect Radio

Engage with us

  • Posts from Community
  • Community Voices
  • Submit a Story

About NNS

  • Staff
  • Partners
  • News414
  • The neighborhoods we cover
  • Internship opportunities
  • Careers
  • Terms of use
  • Advertise

Connect with us

  • Facebook
  • Twitter
  • Instagram
  • YouTube
  • LinkedIn
  • RSS feed

Communities

Contact

mailing address
Milwaukee Neighborhood News Service
Diederich College of Communication
Marquette University
1131 W. Wisconsin Ave.
Johnston Hall 430
Milwaukee, WI 53233

email
info@milwaukeenns.org

phone & fax
PHONE: 414.604.6397 FAX: 414.288.6494

Milwaukee Neighborhood News Service is a project of Diederich College of Communication and Marquette University.
© 2020 Milwaukee Neighborhood News Service. Terms of use.
1131 W. Wisconsin Ave., Milwaukee WI 53233 • info@milwaukeenns.org

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in