Each year, elder financial abuse costs older Americans an estimated $27 billion, with seniors falling victim to a range of scams and thefts by family members, caregivers, or strangers. Financial
exploitation can take many forms, from unauthorized withdrawals to fraudulent investments, making it crucial for seniors and their loved ones to stay vigilant. Experts urge older adults to closely monitor their credit card and bank account activity, review statements for suspicious transactions, and report any irregularities to their financial institutions immediately.
Protecting personal financial information is another key step in preventing abuse. It’s important to never share sensitive details such as bank account numbers, Social Security numbers, or passwords unless you are sure it is a trusted source. Keeping checkbooks, account statements, and other important documents in a secure location, and shredding papers that are no longer needed, can also help reduce the risk of theft. Additionally, caution should be exercised when granting powers of attorney, ensuring only trusted individuals are given such authority.
MVSB is committed to helping protect seniors from financial exploitation. We offer resources and support to help customers monitor their accounts, recognize suspicious activity, and report concerns quickly. Our knowledgeable staff can provide guidance on safeguarding personal information, reviewing account statements, and understanding financial information. Visit any of our branches https://www.mvsb.com/about/locations/ or reach us at 603.279.7986 for assistance.
Learn more about spotting and preventing elder abuse from the FDIC at https://www.fdic.gov/consumer-resource-center/2025-07/scams-targeting-older-adults
