Elder Financial Exploitation

Elderly individuals are among the most vulnerable to financial scams, costing them billions of dollars each year. In fact, according to the American Bankers Association, elder financial exploitation, or EFE, is the fastest growing form of elder abuse in the country.

Cybercriminals and fraudsters often view elderly citizens as valuable targets, as they are more likely to have accumulated wealth, have a dependency on others to manage their financial needs or lack familiarity with technology and sophisticated scams. These factors can make seniors more suspectable to financial exploitation, which is defined as the illegal or improper use of an older person’s funds, property or assets. Theft and scams are two types of EFE.

Theft

EFE theft occurs when a senior has their money or benefits stolen by a known or trusted individual who claims to be supporting them. This type of theft can be difficult to determine, as trusted individuals may be family, friends or official caregivers. A few common examples of theft include:

• Forging checks made payable to the senior individual.
• Stealing retirement benefits, like Social Security or pension payments.
• Using credit cards, debit cards and bank accounts without permission.
• Making unauthorized account withdrawals or transfers.
• Changing names on bank accounts as well as beneficiary names amd details in wills, life insurance policies or real estate titles without permission or through coercion.

If a senior expresses sudden or unusual confusion regarding their finances, and someone regularly manages their financial affairs, it could be a sign of EFE.

Scams

The second category of EFE crimes is scams. Fraudsters are infamously creative in how they attempt to steal funds or sensitive information from victims. That said, a scammer’s first move is often to try and deceive targeted individuals into transferring funds to them by promising goods or services that do not exist or by manipulating their emotions. Some scams to be wary of are:

Unsolicited Tech Support Scams – Fraudsters pretend to be tech repair professionals to trick victims into providing confidential details, namely their username and password, to online accounts or their computer.

Imposter Scams – Criminals impersonate a family member or authority figure and create a sense of urgency to extort money.

Relationship or Romance Scams– Scammers create a fake online account or identity and attempt to build a relationship with the targeted individual before soliciting funds.

Lottery and Postal Scams – Criminals make contact by email or text and claim the victim has won a prize or has an incoming package and must pay additional taxes or fees to receive it.

Another prevalent scam, phishing, is conducted through digital technology, where a cybercriminal sends an individual a seemingly legitimate email, text or social media message. The message often includes malicious links or attachments that lead to fake websites. Once an unsuspecting victim enters their private information, such as login credentials and personal details like a SSN or date of birth into a fake site, criminals can use the information to commit fraud or steal the person’s identity.

Know the signs

While it can be difficult to recognize scams, there are a few red flags to look for:

• Is a person pressuring you to urgently send money by making threats or manipulating your emotions?
• Is someone asking for sensitive information—namely a username, password, social security number, bank account number or credit/debit card number?
• Is the communication from a known phone number or email address?
• Does the message have poorly written content (misspelled words or grammar mistakes)?

To learn more about scams and ways to protect your accounts, visit our Identity Theft and Fraud Prevention page.

Take action

Be sure to monitor your accounts frequently and report any suspicious activity to your bank or credit card company. Below are additional actions you can take to protect your accounts and personal information:

Email messages

• Do not click on links or open attachments in questionable emails.
• Do not provide your account information, passwords, etc., via email.
• Delete suspicious messages and report them as “junk” to your service provider.

Phone calls

• Never share passwords or account information with an unexpected caller.
• Verify identities of callers by dialing a known number of the suspected individual or business. Do not call a number provided in an unexpected message.
• If you receive a suspicious call, block the caller on your phone.

Mail

• Reduce the risk of account statements being stolen from your mailbox by retrieving mail daily or by enrolling in electronic statements (eStatements). Do not leave mail in your mailbox overnight.
• If you haven’t received mail that you are expecting, contact the sender.
• When possible, use mail boxes at your local Post Office to mail bill payments or other correspondence that may contain checks.
• Enroll in an online banking service like myTrustmark^® to pay your bills electronically.

If you fall for a scam, contact your bank or credit card company immediately. Be sure to change your password on any accounts that may have been impacted. If you lost money, file a report with local law enforcement.

If you suspect you are being financially exploited, or know someone who may be, the Consumer Financial Protection Bureau recommends reporting it to Adult Protective Services (APS). To find your local APS office and file a report, click here.

Better protection with myTrustmark

With myTrustmark online and mobile banking, you have options to help safeguard your accounts against fraudulent activity. myTrustmark features a variety of automatic alerts—security alerts, online transaction alerts and account alerts—to notify you of activity on your accounts. You can also pay bills electronically and sign up for eStatements. With 24/7 secure access, you can manage all aspects of your finances in one convenient place. Visit our Online and Mobile Banking page to learn more or to enroll.

At Trustmark, we believe the privacy and security of our customers’ information is of utmost importance. We will never request confidential information via email, text, phone or social media; however, we may ask you for your information to verify your identity if you call us.

If you receive any unsolicited emails, text messages or phone calls allegedly from Trustmark requesting confidential information, or if you suspect fraudulent activity on your account or an elder’s Trustmark account, report it immediately by calling our Customer Contact Center at 800.243.2545, Monday - Friday, 8 a.m. - 5 p.m. or by visiting a local Trustmark branch.