Here at Queensborough, we care deeply about the safety and well-being of every member of our community, especially our seniors. Unfortunately, financial abuse of older adults is on the rise, with scammers, hackers, and even trusted individuals taking advantage of seniors’ finances. But here’s the good news: by learning the warning signs and taking simple yet proactive steps, you can help prevent elder financial exploitation for yourself or a loved one.

What Is Elder Financial Abuse?

Elder financial abuse happens when someone illegally or improperly uses a senior’s money or assets. It can take many forms, with some common examples being: 

• A caregiver or family member misusing funds
• A stranger running a phone or internet scam
• A "new friend" convincing someone to sign over access or assets

The effects can be devastating, both financially and emotionally. In fact, seniors who are financially exploited may face higher risks of depression, illness, and even premature death.

Warning Signs to Watch For

Whether you’re monitoring your own accounts or helping an aging parent or friend, here are common red flags:

• Sudden, large, or unexplained withdrawals
• Unfamiliar names added to accounts or signatures
• Confusion about recent transactions or missing money
• Unpaid bills despite enough income
• Pressure to sign legal documents quickly

5 Ways to Stay Safe

1. Talk with Someone You Trust
   Choose a trusted contact that your bankers can reach out to if any suspicious activity is flagged. This can be a family member, friend, or attorney.
2. Protect Your Personal Info
   Never share banking details, PINs, or passwords over the phone or online, especially if you didn’t initiate the conversation.
3. Check Your Statements Regularly
   Review your bank and credit card statements every month. Be sure to let us know right away if you see something that doesn’t look right.
4. Be Cautious of Offers that seem “Too good to be true”
   Scammers often promise prizes, investments, or romance to trick you into sending money or sharing personal info.
5. Get Support From Your Bank
   If you’re ever unsure about a transaction, a call, or a request for money, please reach out. Our team is trained to help spot fraud and keep your accounts secure.

Q is Here for You!

At Queensborough, we’ve trained our staff to recognize warning signs of financial abuse and take action when needed. So, If you ever suspect financial abuse, whether it’s happening to you or someone you love, please don’t wait. Please call us or visit your local branch. We’ll listen, support you, and help you take the next steps to ensure your financial security in any chapter of life. Our team is here to help, and together we can protect the people that matter most to us.