The victims are all too familiar. They could be your parents or grandparents. Maybe the neighbor down the street. And they all have one thing in common.
They’re easy targets for fraud.
According to the FBI, elder fraud is growing exponentially, with millions of older Americans annually falling for schemes. They’re targeted because they tend to be trusting, polite and, in some cases, may be less tech savvy than younger generations. And since the arrival of COVID, our seniors often are even more isolated, becoming easier prey.
“A lot of seniors are isolated, lonely and, unfortunately, vulnerable,” said Jim Sullivan of Regions Corporate Security. “We all have an obligation to watch out for and protect our elders. Should you suspect something, say something. Your prompt actions may likely prevent or minimize elder financial exploitation.”
If you think you or someone you know has been taken advantage of through elder fraud, get as much information as you can and contact local law enforcement (and your bank if funds have been exchanged). If you suspect a potential online scam you can also file a complaint with the FBI’s Internet Crime Complaint Center.
The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.