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(From the Financial Literacy Blog) — According to the Consumer Financial Protection Bureau, suspicious activity tied to elder exploitation typically occurs over an average of four months before it’s detected. That means what starts as a small request or a simple transaction can gradually turn into something much bigger.
How It Often Begins
It might look like a phone call that creates urgency, a request for help from someone familiar, a series of small withdrawals or transfers or a new person becoming involved in financial decisions
In many cases, the person behind the activity isn’t a stranger. The data shows that losses are often higher when the older adult knows the person involved, sometimes averaging around $50,000 per case That’s what makes these situations so difficult. They’re built on trust.
How Money Moves
Most cases involve money transfers. These transactions can look ordinary at first glance, which is why they can be hard to spot. Worse, even when spotted it isn’t always reported. In fact, fewer than one-third of cases are reported to authorities, so situations continue longer than they should.
Here’s a simple idea can help prevent fraud: Pause. Ask. Protect.
Pause
Encourage your loved ones to take a moment before acting, especially when something feels urgent.
Ask
If something feels off, talk it through with someone you trust or your credit union. A quick conversation can prevent a costly mistake.
Protect
Financial fraud can often be avoided by slowing the situation down and knowing what to look for.
Maine credit unions understand that these situations can be complex and deeply personal. We’re here to help you ask questions, take a closer look, and protect what matters most.
*Source: Consumer Financial Protection Bureau, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends