Financial Literacy for Elders

Elderly Financial Abuse is one of the most rapidly growing issues in Banking.

ConnectOne Bank has partnered with ICBA CRA Solutions, an organization powered by the Senior Housing Crime Prevention Foundation, that helps community banks provide education for safe, secure senior living environments. ConnectOne Bank sponsors the protection of a local senior living facility by funding ICBA CRA Solutions’ Senior Crimestoppers program, which is a nationwide crime prevention program educating and safeguarding against theft, abuse and neglect. In addition, below are some tips to stay safe.

Who are the perpetrators of elderly financial abuse?  

• Family Members including sons, daughters, grandchildren or spouses
• Individuals who "seek out" vulnerable seniors with the intent of exploiting them
• Professionals or people posing as such

Conditions, factors, and events that can trigger the Increased Risk:

• Isolation or loneliness
• Recent losses
• Physical or Mental disabilities
• Family members who are unemployed or experiencing financial hardship
• Lack of knowledge of financial matters
  

Where can you report financial abuse?

Report In-Person:

• Adult Protective Services (APS)
• Your local District Attorney's Office

Report Online:

• Social Security Administration
  oig.ssa.gov
• Federal Trade Commission
  ftc.gov/complaint

Medicare ID Fraud and How to Prevent It

• Keep your ID cards safe and secure
• Check your statements carefully by logging on to www.MyMedicare.gov
• Report suspicious activity to 1-800-MEDICARE

NOTE: New Medicare cards rollout ended in 2019 and no updated cards are issued in 2023. Social Security Numbers will no longer be used, a specific ID number will be assigned. Make sure your address is current at www.ssa.gov/myaccount or call 1-800-325-0778.