Fraud Prevention for Elder and Vulnerable Persons
Fraud can happen to anyone, but elder and vulnerable persons are prime targets. Find out how you can protect yourself and your loved ones.
Elder financial abuse could impact you, your family or friends. Prime targets are individuals who may not realize they’re being taken advantage of and are less likely to report the incident. And fraud isn’t always committed by a stranger—a person close to you may be guilty of it as well. We’re dedicated to helping you navigate this ever-changing landscape so that you can stay safe and in control of your finances.
Outlined below are ways fraud can occur and best practices for reducing the chances of you and your loved ones falling victim.
1) Fraud by a known individual
Financial exploitation by someone you know is the misuse, misappropriation or theft of your funds by a family member, caregiver or familiar professional. Theft is typically committed incrementally over an extended period of time.
Best Practice: Create a fraud prevention plan
- Identify your trusted individuals
- Delegate responsibilities to deter a single person from taking advantage of his or her relationship with you or your loved ones
- Discuss roles and responsibilities
- Introduce them to your financial team and set parameters for their involvement
2) Fraud by an unknown individual
Financial exploitation by an unknown person is often committed through social engineering scams via email, phone and social networking sites—which frequently trick you into sending funds to the fraudster’s account.
- Be aware of social engineering scams
- Do not assume a phone call is genuine just because a caller has your information—call the organization back on a confirmed number or the one listed on its website
- Share information only with verified individuals on a need-to-know basis even in the normal course of business
- Do not allow anyone to access your computer or mobile device remotely
In addition to the above best practices, consider these general prevention best practices:
- Always remain vigilant for suspicious activity on all of your accounts
- Monitor transactions on a regular basis as well as set up alerts
- Consider signing up for paperless billing and statements, to prevent stolen information from the mail or someone without permission
- Enable online alerts to notify you of potential fraudulent transactions and account changes, such as changes to your contact information
- Keep financial documents and records in a secure place, and shred those you no longer need
Common social engineering scams
We’ve highlighted some common deception techniques to be aware of —which fraudsters use to play on your emotions and gain trust.
Six examples of language and deception techniques to look out for with common social engineering scams.
We’re here to help
If you believe that you or someone you know has been financially exploited, contact your J.P. Morgan representative immediately. We can also share information about our fraud awareness program and help to schedule a session with our specialists.