Understanding Elder Financial Abuse

Understanding Elder Financial Abuse

Elder financial abuse is one of the fastest growing forms of fraud in the United States. At Parke Bank, we believe that education is one of the most powerful tools in protecting our customers and the communities we serve. By understanding the warning signs and knowing where to turn for help, you can take important steps to safeguard your finances and those of the people you care about most.

What Is Elder Financial Abuse?

Elder financial abuse occurs when someone improperly or illegally uses an older adult's money, property or assets for personal gain. This abuse can be committed by strangers, acquaintances, caregivers or even family members. In many cases, it goes unreported because victims may feel embarrassed, confused or unsure about what's happening.

Common Warning Signs to Watch For

Being aware of the red flags can help stop financial abuse before it causes serious harm. Some common warning signs include:

• Unusual or unexplained withdrawals from bank accounts
• Sudden changes in spending patterns or banking habits
• Missing funds or unfamiliar transactions
• Requests for personal or banking information by phone, email or text
• Pressure from callers or messages urging immediate action
• New "friends" or helpers who take an unusual interest in finances

If something doesn't feel right, it's important to trust your instincts.

How Scammers Target Older Adults

Scammers often rely on fear, urgency or emotional manipulation. They may pose as government agencies, utility companies, financial institutions or even family members claiming to be in trouble. Once trust is gained, they may ask for account details, PIN numbers or immediate payments.

Remember: legitimate organizations, including Parke Bank, will never ask for sensitive information through unsolicited calls, emails or texts.

Steps You Can Take to Protect Yourself

There are practical steps you can take to reduce the risk of financial abuse:

• Review your bank statements regularly and question unfamiliar activity
• Never share personal or banking information unless you initiate the contact
• Be cautious of urgent requests demanding immediate payment
• Talk openly with trusted family members about financial matters
• Contact your bank immediately if you notice suspicious activity

How Parke Bank Helps Keep Your Finances Secure

At Parke Bank, protecting your financial well-being is a top priority. We continuously monitor accounts for unusual activity and offer secure banking tools designed to help reduce fraud risk. If you suspect financial abuse, we encourage you to contact your local branch right away so we can assist you.