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(From the Financial Literacy Blog) – Most cases of elder financial abuse don’t start with a major event.
They start with a phone call that feels urgent, a request that feels slightly off or a situation that doesn’t quite add up.
According to the Consumer Financial Protection Bureau, nearly 80% of reported elder financial exploitation cases involve an actual financial loss, with the average loss exceeding $34,000. And in some cases, losses exceed $100,000.
What’s even more surprising is that these situations often involve people the victim knows. When trust is involved, the financial impact can be even greater.
The good news is that many of these situations can be prevented slowing down.
PAUSE: When something feels urgent, it’s okay to take a step back.
ASK: When something feels unclear, it’s okay to ask questions.
PROTECT: When something feels wrong, it’s okay to stop.
Maine credit unions are here for those moments. Whether it’s a transaction, a phone call, or a situation that doesn’t feel right, you can always reach out to us before taking the next step.
*Source: Consumer Financial Protection Bureau, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends