Elder financial exploitation is on the rise, and scammers are finding new ways to target seniors. We are committed to helping our members and their families stay vigilant against fraud and financial abuse. Here are some essential tips to protect yourself and your loved ones from falling victim to scams.

Common Types of Elder Financial Exploitation

Fraudsters use various schemes to exploit seniors, including:

• Impersonation Scams: Scammers pretend to be government officials, tech support, or even family members in distress.
• Romance Scams: Fraudsters form online relationships to manipulate seniors into sending money.
• Investment Fraud: High-pressure sales tactics promise unrealistic returns on investments.
• Lottery & Sweepstakes Scams: Victims are told they’ve won a prize but must pay upfront fees to claim it.
• Caregiver or Family Exploitation: Trusted individuals misuse financial accounts or pressure seniors into giving them money.

How to Protect Yourself and Your Family

• Stay Informed and Educate Your Loved Ones
  • Discuss common scams with elderly family members. Awareness is the first line of defense. Encourage them to question unexpected financial requests.
• Monitor Financial Activity
  • Regularly review bank statements and credit card transactions.
  • Set up account alerts to receive notifications of unusual activity.
  • Consider adding a trusted family member as a joint account viewer (without granting withdrawal access).
• Protect Personal Information
  • Never share banking details, Social Security numbers, or passwords over the phone or online.
  • Be cautious when responding to unsolicited calls, emails, or texts.
  • Use strong passwords and enable two-factor authentication on accounts.
• Be Skeptical of Urgent Requests for Money
  • Scammers create a sense of urgency to pressure victims into acting quickly.
  • Verify any request for financial help by calling the person directly using a known phone number.
• Watch for Signs of Financial Exploitation - Look out for red flags such as:
  • Sudden changes in spending habits or large withdrawals.
  • Unexplained financial difficulty despite having adequate funds.
  • Isolation from family members or reluctance to discuss financial matters.
• Use Safe Payment Methods
  • Avoid sending money via wire transfers, gift cards, or cryptocurrency, as these are common scam payment methods.
  • If a deal seems too good to be true, it probably is.
• Report Suspected Fraud Immediately - If you or a loved one suspect financial fraud:
  • Contact your credit union or bank to report suspicious activity.
  • Report scams to the Federal Trade Commission (FTC) at reportfraud.ftc.gov.
  • Reach out to local law enforcement or adult protective services if financial abuse is suspected.

At NGFCU we are here to help you and your family safeguard your finances. If you have concerns about elder exploitation or need assistance setting up fraud protection services, visit us in person or contact us today.

Your financial security is our priority!