Protecting Loved Ones from Elder Fraud

Understanding Elder Fraud

Elder fraud is a growing concern, affecting millions of seniors each year. As technology advances, fraudsters become more sophisticated, targeting our most vulnerable loved ones. At UT Federal Credit Union, we believe in safeguarding our community and empowering families with the knowledge to protect their elders from these malicious schemes.

Common Types of Elder Fraud

1. Imposter Scams: Fraudsters often pose as trustworthy figures—relatives, government officials, or tech support—to deceive seniors into handing over money or personal information.

2. Phishing: Phishing scams appear legitimate and involve emails, texts, or phone calls. They trick victims into providing sensitive data such as Social Security numbers, bank details, or passwords.

3. Investment Scams: These scams promise high returns with little risk, enticing seniors to invest in fraudulent schemes. Scammers often exploit seniors' desire for financial security in retirement.

4. Medicare/Health Insurance Scams: Scammers may pose as Medicare representatives to obtain personal information. They use this information to file false claims and pocket the reimbursements.

5. Grandparent Scams: Fraudsters call seniors, posing as their grandchildren in distress, and ask for immediate financial assistance, preying on their compassion and sense of duty.

Warning Signs of Elder Fraud

1. Unusual Financial Activity: Watch for sudden changes in bank account balances, frequent large withdrawals, or opening new accounts without explanation.

2. Unpaid Bills: If previously managed bills start piling up, it could be a sign that funds are being misused.

3. Changes in Behavior: Noticeable anxiety, confusion, or fear in your loved one, especially when discussing finances, can be indicative of fraud.

4. Unfamiliar Signatures: If you notice signatures on checks or documents that do not match your loved one’s handwriting, it could be a red flag.

5. Isolation: Fraudsters often encourage secrecy and may isolate victims from their family and friends to maintain control.

Steps to Protect Your Loved Ones

1. Educate Them: Inform your loved ones about common scams and encourage them to be skeptical of unsolicited communications.

2. Monitor Finances: Help manage their finances, or ensure they have a trusted person to oversee their financial activity.

3. Set Up Alerts: Utilize bank account alerts for unusual transactions, which can provide early detection of fraudulent activity.

4. Use Strong Passwords: Ensure that they use strong, unique passwords for online accounts and regularly update them.

5. Report Suspicious Activity: Encourage your loved ones to report any suspicious calls or emails immediately. They can contact their bank, the police, or the Federal Trade Commission (FTC).

How UT Federal Credit Union Can Help

At UT Federal Credit Union, we offer resources and support to protect your loved ones from fraud. Our team is dedicated to helping you identify and prevent elder fraud, providing education on safe financial practices, and offering secure banking solutions.

If you suspect elder fraud, contact us immediately by phone at (865) 971-1971, toll-free at (800) 264-1971, or by email. Together, we can protect our community and ensure our elders enjoy their golden years with peace of mind.

Let’s work together to safeguard our loved ones from elder fraud.