June 15th is World Elder Abuse Awareness Day. As a community bank, we are passionate about helping protect all our customers from fraud and financial abuse. This commitment is especially important when it comes to safeguarding our elderly customers, who are often more vulnerable to financial exploitation. By raising awareness and providing resources, we aim to empower our community to recognize and prevent elder financial abuse.

Elder financial abuse is defined as the misuse or theft of an older adult's financial assets. Commonly, the people abusing an elder’s finances are someone they trust like a family member or caretaker but can also be fraudsters or scammers. The National Council On Ageing (NCOA) states the financial signs of elder abuse as: Fraudulent signatures on financial documents, unpaid bills, unusual or sudden changes in spending patterns, and sudden changes to a will or other financial documents.

It is estimated by the NCOA that elder financial abuse causes $28.3 billion in losses each year. The financial impact on those over 60 is huge, but it also takes an emotional toll with higher reports of depression and social withdrawal reported by those who have experienced financial abuse. It can be common for those that were scammed or taken advantage of to feel embarrassed, which can prevent them from reaching out for help or reporting the financial abuse and fraud.

As a community, it is crucial that we remain vigilant and supportive, ensuring that our elderly loved ones feel safe and secure in managing their finances. By working together and utilizing available resources, we can help prevent elder financial abuse and support those who may be affected. If you or a loved one is experiencing elder financial abuse, we encourage you to reach out to the following resources:

• National Adult Protective Services

• Internet Crime Complaint Center

• American Banking Association

• FBI Victim Services

• D.L. Evans Bank Fraud Prevention