Redstone Federal Credit Union

8 | r e d f c u.o r g Elder Abuse Awareness WHAT FAMILIES NEED TO KNOW In honor of World Elder Abuse Awareness Day on June 15, we at Redstone want families to be aware of the signs of abuse and how to respond. Catching it early can save loved ones from significant pain. WHAT IS ELDER ABUSE? It's "an intentional act or failure to act that causes or creates a risk of harm to an older adult" (age 60 or older), according to the Centers for Disease Control & Prevention. e National Council on Aging says older adults who are socially isolated or have mental or physical impairments are at a higher risk of becoming victims. Abusers can be relatives, caregivers, and even strangers. Abuse may be physical, emotional, neglectful, or financial. WHAT CONSTITUTES FINANCIAL ELDER ABUSE? is is theft of an older adult's money by a trusted person – as well as transfers of money to a stranger for a benefit that isn't received. Scams have become highly believable, especially with AI's ability to mimic family members' voices. Plus, if someone is beginning to develop dementia, they're not as savvy as they used to be. Reported fraud for elderly victims reached $77.7 billion globally in 2023. Closer to home, an estimated 1 in 10 elderly Americans is impacted each year. In addition, adult children can face financial strain while trying to help parents. WHAT ARE WAYS TO STAY SAFE? e Consumer Financial Protection Bureau offers four recommendations: 1. Take preventive steps. • Designate a power of attorney • Use automatic bill pay, checks, and a credit card for a paper trail • Set up direct deposit and review financial statements • Check credit reports and care provider references • Stay in communication • Secure important documents 2. Watch for these warning signs. • Changes in financial documents, contact info, or banking practices • Funds or possessions disappearing • Unpaid bills or improper care • Signature forgery • Previously uninvolved relatives hanging around • Unexplained financial transfers • Drop in credit score 3. Document suspicious incidents. • Time, date, and location • Names of those involved and those who observed • Description of suspected abuse • Condition of victim 4. Report what's happening. • If there's life-threatening danger, call 911; otherwise, file a report with the local police • Reach out to Adult Protective Services • Alert affected financial institutions • Report scams to the Federal Trade Commission Elder abuse is illegal, and there are penalties for perpetrators. Older adults deserve dignity and security, so let's all stay vigilant and keep them safe. We're with you! People are a priority at Redstone. ELDER ABUSE A W A R E N E S S D A Y WORLD JUNE 15

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