Written by: Voung H.
Voung oversees BSA/AML, fraud prevention, and sanctions compliance and is responsible for building data-driven controls and partners across the FIGFCU to safeguard the credit union, its Members, and stop emerging threats.
SUMMARY
- Financial exploitation is one of the fastest-growing forms of elder abuse.
- Scammers use urgency, secrecy, and emotional manipulation to target older adults.
- Trained financial employees can significantly reduce fraud losses.
- Education and early intervention are critical to prevention.
Financial exploitation can happen quickly and quietly to anyone. A convincing phone call, a sense of urgency, or a request to “not tell anyone” can lead to devastating financial losses. Older adults are targeted because scammers assume they have accumulated savings, own their homes, or may be less familiar with emerging technology-based schemes.
Common scams include impostor scams (where criminals pretend to be government agencies, tech support, or even family members), romance scams, lottery or sweepstakes fraud, and requests involving gift cards, cryptocurrency, or wire transfers. In many cases, victims are pressured to act immediately, discouraged from speaking with family members, or instructed to withdraw unusually large sums of money. For more information about common scams targeting older adults and how to play it safe, please review this blog on Tips for Seniors: Protecting Yourself From Scammers.
Financial institutions play a critical role in prevention. Frontline employees, like branch counselors and call center agents, are often in a unique position to spot red flags, such as sudden large withdrawals, unusual wire requests, changes in banking behavior, or signs that a consumer is being coached by someone nearby or over the phone.
Beyond employee training, consumer awareness remains one of the strongest defenses against fraud. Older adults and their families can reduce risk by:
- Being skeptical of urgent or secretive requests for money
- Verifying unexpected calls using trusted phone numbers
- Avoiding sharing personal or financial information with unknown contacts
- Consulting a trusted family member or financial professional before making large or unusual transactions
Having regular, open conversations about scams and financial safety can help remove stigma and encourage earlier reporting.
Final thoughts.
Preventing financial exploitation requires awareness, partnership, and decisive action. By staying informed about common scams and working together to recognize warning signs early, members and financial institutions can reduce the risk of financial exploitation
At FIGFCU, education remains one of the most powerful tools we have in the fight against fraud. Our employees receive ongoing fraud prevention training to help identify potential warning signs and assist Members in protecting their accounts. If you have questions about common scams or ways to protect yourself or a loved one, we encourage you to reach out to a trusted financial professional for guidance. You can also visit our Current Scams and Security Center for additional information and tips that can help protect you and your assets from fraudsters. Another great tool to help you fight fraud is the AARP Watchdog Alert Handbook, “13 Ways Con Artists Steal Your Money.”
We will not contact you unexpectedly to request sensitive information such as your full Social Security number, passwords, or one-time passcodes. If you receive such a request, contact us directly using a trusted phone number. Even if the caller has an identifying piece of information about you or the call appears to be from our 800 number. Scammers may spoof phone numbers so the caller ID appears to match the Credit Union’s official phone number. The Credit Union will not randomly call you and ask for this information. If something doesn’t seem right with your FIGFCU accounts, trust your instincts and contact us by calling 800.877.2345, using the chat feature on our site, or contacting us through our digital banking platform right away; early action can make all the difference.
This article is provided for educational purposes only and is not intended as financial or legal advice. Members should contact the Credit Union for guidance regarding their individual situation.
