. Main Menu LOGIN ASK THE BANKER Our 'Banking' section in "Ask the Experts" appears each Saturday in the Mining Journal from April 17, 2021 - May 22, 2021. See this week's question and full answer below. Andy Herro Community Bank President Marquette County NMLS# 1998849 Q: What is Elder Financial Exploitation (EFE) and Why is it Important? How to Spot EFE and What to Do if You Suspect It Elder financial exploitation is a growing crime in America that is garnering more attention in recent years because of how it deprives senior citizens of their financial resources and ultimately, their independence. It is estimated that older adults lose more than $36 Billion every year to scams, fraud and exploitation, and experts predict that this number will continue to grow in the future. To mitigate this risk and protect seniors, it is critical that we continue to bring financial literacy and awareness to this topic so that both the elderly, their caregivers, and those they interact with can recognize, prevent, and report these damaging crimes. Elder financial exploitation may appear in many forms and be carried out in several different ways. Theft includes taking an elder’s assets without their knowledge, authorization, or consent. Fraud involves acts of dishonest by trusted persons (such as family, friends, advisors, etc.) who manage an elderly person’s assets. Real estate fraud occurs when there are unauthorized sales, transfers, or changes to property titles. Contractor fraud involves receipt of payment for repairs or work, but never having the work completed, and sometimes never showing up. This exploitation may also include lottery scams where victims make payments or transfer funds to collect prizes. One of the most prevalent types of elder financial exploitation is electronic scams where phishing emails trick the elderly into providing access to their accounts or personal information. Identity theft is also widespread, and this involves the use of an elder’s social security number or credit report (or other credentials) to take out loans or obtain credit. Although this list contains many types of exploitation, it is important to know that the list goes on, and the elderly continue to become more vulnerable - especially with new developments in technology. What to Look For Since there are many forms, there can be many perpetrators of elder financial exploitation. These criminal acts can be carried out by strangers, family members, caretakers, neighbors, friends and acquaintances, or professional resources (like attorneys, healthcare providers, or even bank employees). While there can be many red flags to be aware of, possible signs that an older person is being financially exploited include: Uncharacteristic bank activity, such as attempts to wire large sums of money Abrupt or sudden changes to accounts, such as adding new authorized signers to bank signature cards Inconsistent debit transactions with an account A caregiver, family member or friend showing excessive interest in an older person’s finances An older person showing an unusual degree of fear or submissiveness towards an individual Who to Call If you suspect that elder financial exploitation has occurred, there are various steps that can be taken. First, the 24-hour Michigan Adult Protective Services hotline can be reached at 855-444-3911. In addition, the UPCAP (Upper Peninsula Commission for Area Progress) is a vital resource for citizens and families in need of assistance and can be reached by dialing 2-1-1. Your local law enforcement office should also be contacted if you believe that criminal acts are being carried out against you or someone you know. Further, seniors are encouraged to learn best practices for protecting themselves and their personal data from fraud. Documents containing personal and financial information should always be shredded. You should never give out your social security number or account numbers unless you initiate the contact and you know with absolute certainty who you are dealing with. Passwords should be closely guarded and lost or stolen debit and credit cards should be reported immediately upon realizing they are missing. In the end, you can never be too protected against exploitation and fraud. Overall, our senior population is highly vulnerable to financial exploitation. The more knowledgeable you can be on the topic and the more aware you can be of the possible red flags, the more likely you will be to protect yourself and those you love from elder financial exploitation crimes. Expand All | Collapse All HOW AND WHEN DO I PLAN FOR BUSINESS SUCCESSION? WHAT SHOULD I LOOK FOR WHEN CHOOSING A BANK? WHAT IS LOCAL LOAN DECISION MAKING AND WHY IS IT IMPORTANT? WHAT IS RELATIONSHIP BANKING AND WHY DOES IT MATTER? HOW AND WHY SHOULD I GET A BUSINESS LOAN? Member FDIC © 2021 Upper Peninsula State Bank Home Branch & ATM Locations Privacy and Security Contact Us Employment Site Map