June 15 is Elder Abuse Awareness Day, a time dedicated to raising awareness about the abuse, neglect, and financial exploitation that impact millions of older adults each year.

While many people think of elder abuse as physical or emotional mistreatment, financial exploitation is one of the fastest-growing forms of abuse. Criminals are becoming increasingly sophisticated, using technology, fear, urgency, and even personal relationships to convince victims to send money or share sensitive information.

The reality is that anyone can become a victim. Fraudsters are professionals at creating believable stories, building trust, and making situations seem legitimate. They know exactly what to say and how to create a sense of urgency that causes people to act before they have time to think.

Common Scams Targeting Older Adults

While scams are constantly evolving, some of the most common schemes we are seeing today include:

Impersonation Scams

Scammers pose as government agencies, law enforcement officers, utility companies, banks, or well-known businesses. They may claim there is a problem with your account, unpaid taxes, or suspicious activity that requires immediate action.

Grandparent and Family Emergency Scams

A fraudster pretends to be a grandchild, family member, or attorney and claims a loved one is in trouble and needs money immediately. These scams often rely on panic and secrecy to prevent victims from verifying the story.

Romance Scams

Criminals build online relationships through social media, dating websites, or messaging apps. Once trust is established, they begin requesting money, gift cards, or financial assistance for fabricated emergencies.

Tech Support Scams

Victims receive pop-up warnings, emails, texts, or phone calls claiming their computer or device has been compromised. The scammer then attempts to gain remote access or collect payment for fake services.

Sweepstakes and Prize Scams

Scammers inform victims they have won a prize, lottery, or contest but must first pay taxes, fees, or shipping costs before receiving their winnings.

Investment and Cryptocurrency Fraud

Criminals promise high returns with little or no risk, often using fake websites, testimonials, or online relationships to gain trust before stealing funds.

Warning Signs of Financial Exploitation

Be cautious if someone:

  • Pressures you to act immediately.
  • Insists on secrecy or confidentiality, sometimes claiming you are bound by a non-disclosure agreement (NDA) or that sharing information could jeopardize an investigation, prize, or investment opportunity.
  • Requests payment through gift cards, cryptocurrency, wire transfers, or payment apps.
  • Asks for online banking credentials, passwords, or personal information.
  • Claims you must pay money to receive money.
  • Tries to isolate you from family, friends, or trusted advisors.
  • Becomes aggressive when you ask questions.
When something feels rushed or confusing, it's always worth taking a step back and talking with someone you trust.

Why Your Banker May Ask Questions

At BLC Community Bank, our employees are trained to recognize potential signs of fraud and financial exploitation.

If a teller or banker asks questions about a transaction, it's not because we're being nosy. It's because we care.

We know our customers, and we know that fraud often starts with unusual withdrawals, wire transfers, cashier's checks, or requests that seem out of character. A simple conversation can sometimes uncover a scam before money is lost.

Our team may ask questions such as:

  • Who is receiving the money?
  • What is this money being used for?
  • Have you met this person in real life?
  • Were you instructed to keep this transaction secret?
  • Has someone pressured you to act quickly?
  • Have you independently verified the request?
These conversations are designed to protect you. In many cases, they have helped customers avoid becoming victims of fraud.

When in Doubt, Ask

One of the most effective ways to prevent financial exploitation is to talk to someone before sending money.

If you receive a suspicious phone call, text message, email, or request for funds, contact a trusted family member, friend, or your local banker before taking action.

You don't have to navigate these situations alone.

At BLC Community Bank, we're committed to helping our customers stay informed, stay vigilant, and stay protected. If something doesn't feel right, stop and ask. We'd much rather answer a question today than help recover funds tomorrow.

Together, we can help protect older adults and strengthen the financial well-being of our community.