World Elder Abuse Day: Reminder to be Aware of Financial Scams

Marshfield Medical Center Credit Union > Blog > World Elder Abuse Day: Reminder to be Aware of Financial Scams
elder abuse

About 1 in 10 Americans age 60+ have experienced abuse and elder abuse is historically underreported. World Elder Abuse Awareness Day (WEAAD) is June 15 and since 2006 has been a good reminder that elder abuse impacts all of us.

According to the National Council on Aging, financial scams targeting the elderly can be devastating, leaving older adults in a vulnerable position and without time to recoup their losses. Older adults lose an estimated $3 billion each year to financial scams.

“Financial scams often target the elderly,” explained MMCCU President David Murphy. “Scammers can be creative in their approach and it’s important to always be vigilant.”

The NCOA has compiled a list of the Top 10 Scams Targeting Seniors:, which include:

  1. Government impostor scams
  2. The grandparent scam
  3. Medicare/health insurance scams
  4. Computer tech support scams
  5. Sweepstakes & lottery scams
  6. Robocalls/phone scams
  7. Romance scams
  8. Internet and email fraud
  9. Elder financial abuse
  10. Charity scams

“These scams are not uncommon and have been seen in our area,” said Murphy. “World Elder Abuse Day is a good reminder that elder abuse has implications for all of us, and it’s important to find solutions together. WEAAD is a call-to-action for society’s individuals, organizations, and communities to educate each other on how to identify, address and prevent abuse so we can all do our part to support everyone as we age.”

The purpose of WEAAD is to provide an opportunity for communities around the world to promote a better understanding of abuse and neglect of older people by raising awareness of the cultural, social, economic and demographic processes affecting elder abuse and neglect.

MMCCU is committed to stopping identity theft and financial exploitation of senior (and all) members. The federal Senior Safe Act, passed in 2018 as part of the Economic Growth Act, encourages credit unions and other financial institutions to take a proactive approach in protecting seniors (those 65 and older) from financial abuse and exploitation.

To learn more, contact MMCCU today!

Leave a Reply