Senior Fraud Awareness Day – May 15, 2025
Our aging loved ones deserve to live with dignity, security, and peace of mind. Unfortunately, seniors are often targeted by scammers and even trusted individuals who exploit them financially. That’s why Senior Fraud Awareness Day is a crucial reminder to stay informed and alert.
Why This Matters
Elder financial abuse is one of the most underreported — yet fastest growing — crimes in the U.S. Caregivers, family members, and friends are often the first line of defense. By learning to recognize the signs, you can help stop fraud before lasting damage is done.
Spotting the Signs
The American Bankers Association Foundation has identified 14 key red flags that may signal elder financial abuse. These include:
- Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals
- Changing from a basic account to one that offers more complicated services the customer does not fully understand or need
- Withdrawals from bank accounts or transfers between accounts the customer cannot explain
- A new “best friend” accompanying an older person to the bank
- Sudden non-sufficient fund activity or unpaid bills
- Closing CDs or accounts without regard to penalties
- Uncharacteristic attempts to wire large sums of money
- Suspicious signatures on checks, or outright forgery
- Confusion, fear or lack of awareness on the part of an older customer
- Checks written as “loans” or “gifts”
- Bank statements that no longer go to the customer’s home
- New powers of attorney the older person does not understand
- A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation
- Altered wills and trusts
Steps to take if you spot any of these red flags:
1. Have a conversation: Approach the senior with sensitivity to understand the context behind their actions. Involve trusted individuals such as family and friends who can provide support and perspective.
2. Secure financial accounts: Enable transaction alerts and work with the bank to establish limits on wire-transfers.
3. Report suspicious activity to the senior’s financial institution:One of the biggest benefits of working with a local community bank like Planters First Bank is that we build relationships and get to know our customers. We have protocols in place to help protect our customers, especially when they visit a branch looking to take out large sums of money.
If you suspect elder abuse, talk to the individual to determine who is involved and what has happened. Contact us at (833) 732-8351 or any other financial institution that may be involved as soon as possible for further assistance. By taking proactive steps to communicate, assess, educate, and report suspicious activity, you can protect older adults from financial harm and ensure their financial security.
Check out our additional tips to protect seniors and visit our Security Center to learn more.