Financial Exploitation of Americans over 50 is on the Rise!
- Financial Institutions report that over $1 billion dollars in deposits are lost annually due to the exploitation of Americans over 50.
- The average victim of elder financial exploitation loses $120,000.
- Less than 1/3 of these crimes are reported to adult protective services, law enforcement, or other authorities.
- 84% of abuse and exploitation is committed by family members and care givers. However, internet, telephone, and other frauds are on the rise.
If you or someone you know have been exploited for financial gain, please contact your local law enforcement agency or South Dakota Department of Human Services for assistance.
Keep your private information and finances safe!
- Secure private information (such as Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents), in a bank safety deposit box or other lock box.
- Check your bank accounts and bill statements carefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
- Do not disclose personal information, such as bank account numbers or PINs, to anyone claiming to be from an established organization, especially if they ask you to wire funds.
- Plan ahead by giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
- Contact your local adult protective services agency and law enforcement if you have information about a fraud or suspect you may have encountered financial abuse.