United Bank Helps To Prevent Elder Abuse
By Thomas Williams, Senior Vice President, United Bank
CRCM, CCBIA, ACT Specialist
Elder abuse is a growing problem, not only in Georgia but nationwide. That is why United Bank is taking measures to combat it. According to the National Center on Elder Abuse, as of 2018, there were 52.4 million adults ages 65 and older in the United States. Studies show that at least one in 10 of these adults experienced some form of abuse in the prior year. Abuse can be psychological, emotional, physical, neglectful, sexual, or financial.
United Bank is headquartered in Georgia, where special laws protect residents 65 and older, disabled adults 18 years of age and older who are mentally or physically incapacitated or have Alzheimer’s disease or dementia, and residents of long-term care facilities. Due to their age and/or disability, this population is at increased risk for abuse, neglect, and exploitation. In Georgia, it is a felony to exploit an older person “knowingly and willfully” or deprive them of necessary services. Punishment for these crimes could include a prison sentence of up to 20 years, a fine of up to $50,000, or both.
Unfortunately, abuse of older and disabled adults is one of the most undetected and underreported problems in the United States. Abuse of a senior person can occur anywhere, including the person’s own home or in a community living arrangement such as an assisted living home.
United Bank is Taking a Stand Against Financial Exploitation
Financial exploitation is defined as improperly or illegally using a person's resources for the benefit of another person. Examples include using a Power of Attorney to gain access to an adult’s assets for personal gain or using undue influence, false representation, and other means to gain access to an adult’s monthly government checks.
Perpetrators of financial exploitation are often clever and stop at nothing to take advantage of their victims. Financial abuse can start as innocently as a grandchild asking a grandparent for a sum of money and escalate to the grandchild repeatedly exploiting that grandparent for money to support a dependency on something they cannot afford.
Financial exploitation is often initiated by strangers – fraudsters who specifically target the elderly to cheat them out of their assets. There are four primary reasons scammers target seniors:
• There is a perception that they have a regular income (typically provided through Social Security benefits or 401k disbursements
and a lifetime of assets).
• Senior adults are more trusting or willing to listen.
• The senior population is grateful for the attention and enjoys personal interaction with others.
• The elderly population is generally eager to help when they can.
• Senior adults are more trusting or willing to listen.
• The senior population is grateful for the attention and enjoys personal interaction with others.
• The elderly population is generally eager to help when they can.
Unfortunately, these same qualities make seniors vulnerable to exploitation tactics. The abuse can present itself in a variety of ways:
Giveaways: If it sounds too good to be true, it probably is. Giveaway scams occur when a person receives a letter, email, or call that they are a winner. These scams typically require an immediate response and request an up-front payment to release the winnings or pay for the taxes.
Imposter Scams: The senior receives a call that a family member is in serious trouble, and money is required immediately to help them. The person on the phone asks that the issue remain a secret to drive emotions.
Charity Scams: The scammers use pressure tactics to encourage an elderly person to donate to a humanitarian cause.
Contractor Scams: Home repair scammers often target older homeowners. They may go door-to-door to solicit business and overcharge consumers, do a shoddy job, or take a payment without starting or completing the repair.
United Bank Customers Should Watch for Red Flags
To avoid becoming a victim of the scams listed above or any other type of scam, be vigilant in recognizing the following red flags:
• Urgent requests for payments to receive a prize
• Pressure to act immediately
• Use of scare tactics, e.g., a loved one is in danger, a computer has been hacked, or threatening arrest if no immediate action is taken
• Insistence for payments via gift cards, wire transfer, or cryptocurrency
• Get-rich-quick and other promises that sound too good to be true
• Promises to recover lost money in other scams for a fee
• A quick expression of love that only permeates online or over the phone, followed by requests for money to meet in person or help a loved one
In 2021, United Bank identified 38 elder exploitation cases involving $519,000 of potentially fraudulent activity. These cases included caretaker or nursing home fraud, mortgage fraud, the exploitation of the elder by friends and family, and sweetheart scams.
United Bank takes pride in proactively identifying potential elder abuse cases and protecting our senior customers. United Bank trains all employees annually to detect the red flags of elder abuse as they serve their customers. In addition, multiple United Bank employees have received the At-Risk Adult Crime Tactics (ACT) Certification offered through the Georgia Department of Human Services Forensic Special Initiatives Unit. This training provides United Bank staff with the tools necessary to help identify and respond to abuse, neglect, and exploitation of at-risk adults.
If you suspect that you or a loved one has been exploited financially, please contact our fraud team at 770.567.7211, option 3. Our agents are available seven days a week, from 7am until 8pm.