Recent financial scams target elderly in Illinois

By WEEK Producer

Recent financial scams target elderly in Illinois

January 14, 2013 Updated Jan 14, 2013 at 5:25 PM CDT

SPRINGFIELD, Ill. -- State officials are warning the elderly about a financial scam making its rounds.

According to a release from the Illinois Department on Aging, two elderly females recently fell victim to a similar scam. That scam reportedly involved a man who called and told the victims he worked at their bank.  He was able to get both women to share information about their bank accounts by pretending that he was helping them try to figure out who was stealing from their account.  The man also convinced the victims to make a cash withdrawal and meet him to give him the cash.

IDoA officials say the man got away with almost $7,000.
“Financial exploitation is the most common reported type of elder abuse. It’s disgusting that there are people who target older adults in order to steal their money,” said Director John K. Holton of the Illinois Department on Aging. “A good rule of thumb is to never give anyone who calls on the phone, or sends email, personal information including bank information.”
According to officials, in 2011, Illinois received over 6,200 reports of suspected elder financial abuse, but only 2.2 percent of those cases were reported by banks and other financial institutions.
To learn more about preventing elder abuse and neglect, including financial exploitation, log on to the Illinois Department on Aging website at: who suspects that an older adult is being mistreated should call the Illinois Department on Aging 24-hour Elder Abuse Hotline at 1-866-800-1409.

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