World Elder Abuse Awareness Day (WEAAD) is an international day of observance held every year on June 15. First established in 2006 by the International Network for the Prevention of Elder Abuse (INPEA) and the World Health Organization (WHO), and officially recognized by the United Nations General Assembly in 2011, WEAAD is an opportunity to raise awareness of elder abuse and exploitation and how to prevent and combat it.
Elder abuse is a serious problem that affects millions of people around the world. It can take many forms, including physical, emotional, or financial; it can be committed by family, friends, caregivers, or strangers. Elder abuse can have a devastating impact on the victim's health and can even lead to death.
As a payments association, ePay is particularly focused on raising awareness and encouraging prevention of financial exploitation of senior citizens. Healthy and mentally sound seniors are often targets; when dementia or other impairments are involved, their vulnerability increases exponentially.
Common financial schemes targeting the elderly focus on fake investments, lotteries, sweepstakes, tax or debt collection, charitable donation solicitation, and reverse mortgages. Romance scams, catfishing, and identity theft are often deployed as part of the exploitation.
Financial abuse can be hard to detect, but there are red flags to watch for:
- Financial institution account changes – Be wary of sudden changes to accounts held by elderly customers or members, including the addition of account owners.
- Collections calls and past due notices – If a senior is financially sound but begins receiving calls and letters from collection agencies, it’s a good idea to investigate the cause.
- Opportunistic family members – If previously distant or estranged family members begin to surface, it is important to recognize situations in which they may be attempting to defraud their elderly relative.
As payments industry professionals, it’s imperative that we collaborate to help protect against elder financial exploitation. ePay’s Fraud Forum Community and Fraud Reduction Meetings are outstanding networking opportunities that allow our members to share with and learn from each other. We also offer education in ePayU, our 24/7 digital learning platform, to keep you up to date on fraud that impacts your business and your customers or members.
Protecting older citizens against fraud also requires networks of stakeholders at the national level, including financial institutions, the Consumer Financial Protection Bureau (CFPB), the National Adult Protective Services Association (NAPSA), law enforcement, and government agencies. A great place to start for more information and resources is the following list of adult protective agencies nationwide:
AARP’s The Perfect Scam Podcast
CFPB, Office for Older Americans
Department of Justice Elder Justice Initiative
Money Smart for Older Adults(CFPB and FDIC)
National Adult Protective Services Association
National Center on Elder Abuse
National Elder Fraud Hotline
If you have questions about elder financial exploitation, ask ePay on the Payments Answerline™ at 800-475-0585, Option 1.