Every year on June 15th, communities across the country recognize World Elder Abuse Awareness Day (WEAAD)—a day dedicated to raising awareness about the abuse, neglect, and financial exploitation that affects millions of older adults.
Related Page: HOW TO SPOT FAKE EZ PASS (WHAT SCAMMERS DON'T WANT YOU TO KNOW)
While elder abuse can take many forms, financial exploitation is one of the fastest-growing threats facing seniors today. Scammers often target older adults because they may have accumulated savings, own their homes, and tend to be more trusting of phone calls, emails, and messages that appear legitimate.
At Liberty Savings Bank, protecting our customers and our community is one of our top priorities. That's why we're encouraging everyone—whether you're a senior, caregiver, child, grandchild, or friend—to learn how to recognize the warning signs of financial scams.
Elder financial abuse occurs when someone illegally or improperly uses an older adult's money, property, or assets for personal gain.
According to experts, billions of dollars are lost each year to elder financial exploitation, and many cases go unreported because victims may feel embarrassed or fear losing their independence.
Among the many scams targeting older adults, imposter scams remain one of the most common and effective.
Imposter scams occur when criminals pretend to be someone they're not in order to gain trust and steal money or information.
Their goal is simple: create fear, urgency, or confusion so you act before verifying the facts.
The infographic below highlights several warning signs that can help you recognize an imposter scam before it causes harm.
Scammers often claim to represent a trusted organization, company, or government agency.
They may even spoof phone numbers so calls appear legitimate.
If someone contacts you unexpectedly and requests personal information or money, hang up and contact the organization directly using a phone number you know is legitimate.
A common tactic is to tell you that something is wrong:
The scammer wants you to feel concerned enough to act immediately without verifying the information.
Urgency is one of the biggest red flags.
Scammers may say:
Legitimate organizations rarely demand immediate action without giving you time to verify information and ask questions.
If you have an aging parent, grandparent, or loved one, watch for signs that they may be experiencing financial exploitation:
Starting regular conversations about scams can make a significant difference in preventing losses.
Scammers want quick decisions. Taking time to think can prevent costly mistakes.
Never rely solely on caller ID, emails, or text messages. Contact organizations directly using verified contact information.
Avoid providing:
unless you initiated the conversation and know exactly who you're speaking with.
Before sending money or sharing personal information, discuss the situation with a family member, friend, or trusted advisor.
Isolation can increase vulnerability to scams. Regular contact with family, friends, and community organizations can help protect seniors from fraudsters.
Fraud prevention is an ongoing effort, and education remains one of the strongest defenses against financial exploitation.
If something doesn't feel right, it's always okay to pause and ask questions.
World Elder Abuse Awareness Day serves as an important reminder that protecting older adults is a community responsibility.
Take a few minutes this month to talk with the seniors in your life about financial scams, warning signs, and how to stay safe. A simple conversation today could help prevent a devastating loss tomorrow.
If you ever receive a suspicious call, text, email, or financial request, don't act immediately. Verify the information first and reach out to a trusted source for guidance.
Together, we can help create a safer community for everyone.