World Elder Abuse Awareness Day – June 15
Each year, June 15th is recognized as World Elder Abuse Awareness Day (WEAAD)—a global opportunity to raise awareness, spark conversations, and share resources to protect older adults from abuse, especially financial exploitation.
Elder financial abuse occurs when someone manipulates, exploits, or misuses an older adult’s money or assets. This can be done by strangers, caregivers, or even trusted family members. Unfortunately, this abuse can be devastating to a senior’s financial security – according to the Consumer Sentinel Network Data Book, more than a third (36%) of all reported frauds in 2024 involved victims ages 60 years and over, resulting in losses of nearly $2.4 billion dollars.
At Hawaii State Federal Credit Union, we are deeply committed to safeguarding our members and their financial well-being. Our team is trained to notice red flags, like unusual recent withdrawals or a new person accompanying an older member while handling finances at the credit union – behaviors that may identify whether a member is vulnerable or currently a victim of financial abuse. If you or your loved one is concerned about the risks of falling victim to elder financial abuse, here are some things to consider:
Secure your important financial documents and personal information.
Protect your personal information – never give your credit card, bank account, Social Security or Medicare information to anyone over the phone, text or email, especially if you did not initiate communication. Store your checkbook in a secure location and protect your debit/ATM card and PIN. Review your bank statements and credit reports regularly and immediately report any suspicious activity.
Stay alert for scams.
Scammers are becoming increasingly sophisticated, with many attempts using emotional manipulation to get you to provide money or account information. Some common scams include:
- Government Scams: Scammers sometimes pose as the IRS and call to demand money for overdue or unpaid taxes. They often confuse and frighten seniors into complying through intimidation and threats. Remember that the real IRS and government agencies will never call you to demand payment or request personal information.
- Sweepstakes Scams: If you receive a notification that you’ve won a sweepstakes but need to provide personal information or pay upfront fees to claim a prize, it’s most likely a scam.
- Romance Scams: Be suspicious of anyone you meet online who starts asking you for money or account information. Never share your personal information or send money to anyone you’ve just met, even if they professed their love for you.
- Emergency Scams: Scammers may even call you posing as a loved one, claiming to be in trouble and in need of quick money. If you receive a suspicious call, hang up and call your relative directly using a known number to verify that the emergency is real.
Take time to check on your older loved ones.
Elderly victims of financial abuse are often too ashamed to come forward. If you have older family members, be on alert for warning signs that they might be a victim of financial abuse:
- Behavioral shifts: A normally confident senior who suddenly appears sullen, confused or scared.
- Isolation: A caregiver or family member who refuses access to the senior or tries to manage financial transactions on their behalf without permission.
- Unexplained financial changes: Unusual changes to the senior’s financial accounts, including large withdrawals, new individuals added to accounts, or sudden and unexplained use of credit or debit cards.
- Unpaid bills: Essential bills like a mortgage or utilities go unpaid, despite the senior having adequate funds.
- Increases in unsolicited “junk” mail: The senior is receiving unusual amounts of phone calls, mail or emails for sweepstakes, subscriptions, or promotions promising money or free gifts.
What To Do if You Suspect Financial Abuse
- Contact Your Credit Union
Report the fraud immediately. Request a fraud alert on your account to prevent further
unauthorized activity. - Review and Secure Your Accounts
Check for suspicious transactions, change your passwords and PINs, and consider
freezing your credit. - File a Report
- Contact your local police department if theft or coercion is involved.
- Report scams to the Federal Trade Commission (FTC) at reportfraud.ftc.gov
If you have questions or need assistance, call Member Service Call Center at (808) 587-2700 on Oahu and U.S. Toll-Free (888) 586-1056 or visit our Fraud Alerts page for the latest news and fraud prevention tips.
