CURRENCIES THE LEDGER Thwarting elder financial abuse Elder financial abuse robs older Americans of billions of dollars in money, property and other assets every year. As those safeguarding their customers' finances, community bankers are key watchdogs for monitoring and preventing this abuse. By the numbers: Elder financial abuse 5% of seniors become victims of financial abuse. Some estimates go as high as 20%1 1 in 24 cases of financial elder abuse are reported2 $3 billion to $36.5 billion The amount lost by older Americans to financial abuse each year1 What does elder financial abuse look like?3 Who are the perpetrators?3 47% Family members 8% 22% Acquaintances Other 14% Nonfamily caregivers Phone or other scam Personal property, real estate or rent 17% Other (scams, etc.) 14% Medication theft Unauthorized use of debit or credit cards 10% 10% 48% Stealing money 10% The signs of ¿QDQFLDO HOGHU abuse4 Sudden changes in banking behavior or to financial documents * Unexplained disappearance or transfer of funds or assets * Using unnecessary bank products and services * Poor financial decision-making 12 Q ICBA Independent Banker Q June 2021 1: Consumer Reports, September 2015 2: New York State Office of Children and Family Services 3: Oregon Department of Human Services, September 2014 4: National Center on Elder Abuse