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Author: Nell Schiffer
Financial Elder Abuse: It Can Happen to You
Combine our aging population, longer life expectancies, and all the new-fangled ways to engage in old-fashioned thievery, and America faces a perfect storm of increased financial elder abuse.
It’s worth emphasizing, even those who are affluent, well-educated and/or generally street-savvy are not immune from the threat. In a 2015 survey, True Link Financial (a firm dedicated to protecting families against financial abuse) found that, “Seniors who are young, urban, and college educated lose more money than those who are not,” and “[f]inancially sophisticated seniors lose more to fraud, likely because they are comfortable moving larger amounts of money around.”
They also found that especially friendly (and/or lonely) seniors were at increased risk. For example, you probably know someone who fits this description: “You tell mom to hang up on telemarketers, but she is just too polite to hang up on anyone.”
First, we fiduciary advisors have an important role to play as our clients’ first lines of defense against financial elder abuse. Once we know you well – and thanks in part to recently enacted legislation – we and our allies at Schwab Institutional are better equipped to detect and follow up when something seems “off.”
Family members can and should help as well (although, tragically, they can also be among the worst perpetrators, given their ready access to the victim’s heartstrings).
Together, we can watch out for telltale signs of financial elder abuse.
Be on the lookout for erratic financial activities that don’t jive with your loved one’s past habits and levels of competency. For example, watch out for missing or inconsistent account statements, unpaid bills, and unexplained deposits or withdrawals.
There are softer signs as well. Be on alert if a loved one is displaying increased levels of anxiety or confusion about their money; or if a family member, “friend” or guardian may be isolating their victim from you or others.
Financial abuse can arrive in the form of an external threat – such as a phone scam, in which the victim is tricked into wiring money overseas to “rescue” a stranded relative, or a phishing email that tempts them into clicking on infected links. As touched on above, the abuse also can come from a trusted friend or family member, and it can continue for years.
If you suspect you or someone you know has become a victim of financial abuse, don’t feel embarrassed or ashamed to report it. It truly can happen to anyone, at any age! Hill Investment Group clients and their family members should feel free to reach out to us with any questions or concerns. You also may wish to be in touch with other financial alliances, such as your bank or insurance provider, and consider submitting a complaint to the Consumer Financial Protection Bureau.
Would you like to know more about what we are doing Hill Investment Group to prevent abuse and fraud, and protect client information? We are here as a resource for you. Feel free to be in touch with any questions.
In Your Cyber-Corner: Protecting Your Child’s Credit Rating

In Your Cyber-Corner: Protecting Yourself Against Phishing
Phishing. It can happen to almost anyone. Phishing emails try to trick you into clicking on their fraudulent links or attachments, which can inject your computer with malware or otherwise con you into giving away credit card numbers, login credentials and similar personal information.
For example, there’s been a fake email making the rounds lately, posing as an urgent notice from Schwab, and promising the recipient a “Security Benefits Award.” All you have to do (so they say), is click on the link provided and your account will be credited.
Unfortunately, those who fall for phishing schemes are far more likely to lose money than be credited any. Sheriff Schiffer here, with three solid suggestions on how to avoid getting hooked by a phisher.
- Don’t Click. Your first and strongest line of defense is to never click on any links or open any attachments in a phishing email. If you don’t take their bait, they won’t be able to reel you in.
- Don’t Trust. While it’s too bad we must always be on guard, today’s online environment essentially requires it. Rest assured, if Schwab or any other reputable service provider requires follow up from you, this is NOT how they’ll go about requesting it. Be especially wary of:
- Unsolicited emails arriving out of the blue, even if they’re supposedly from a familiar source
- Enticing offers or scary alerts with a sense of urgency; phishers know people tend to throw caution to the wind when greed or fear takes over; they literally bank on it
- Typos, bad grammar or generic salutations; not all phishing emails contain these, but many do
- Do Verify. Believe me, your family, friends and professional alliances would much rather hear from you directly if anything they have supposedly sent to you seems suspicious. It’s always a good idea to be in touch by calling or sending a separate email (don’t hit “reply”), and asking the alleged sender if they really did send it.
A bonus tip: If an email smells “phishy” to you but you’re not sure either way, you should also be able to reach out to your financial advisor or a similar reputable source, asking for extra input. Here at Hill Investment Group, we’re happy to assist our clients with these sorts of questions. It’s in everyone’s best interest if we all join forces against phishers.