Beecher, IL (June 15, 2023)–First Community Bank and Trust (FCBT) and the Independent Community Bankers of America (ICBA) are providing tips for preventing elder financial abuse in recognition of World Elder Abuse Awareness Day on June 15.

Older Americans lose roughly $3 billion to a growing number of scams each year, according to the United States Senate Special Committee on Aging. But only one in 44 cases get reported, according to the National Adult Protective Services Association, putting the true cost as high as $35.5 billion annually.

“As a trusted lender and financial steward of our community, First Community Bank and Trust is vested in ensuring our most vulnerable citizens do not fall prey to financial abuse,” said Steve Koehn, Senior Vice President. “Because of the insidious nature of these threats, we want to equip our residents with warning signs to help them detect, prevent and report suspicious activity to protect themselves or their loved ones.”

FCBT and ICBA offer the following suggestions to help curb elder financial abuse:

• Secure private information (such as Social Security card, passport, bank account numbers, financial statements, medical records, and other legal documents), in a bank safe deposit box.
• Check your bank accounts and bill statements carefully. If you notice unauthorized charges or unusual activity, alert your bank immediately.
• Do not disclose personal information, such as bank account numbers or PINs, to anyone claiming to be from an established organization, especially if they ask you to wire funds.
• Ask FCBT about available resources to help protect you or your loved ones from scams and exploitation.
• Plan ahead by giving a trusted person the legal authority to make financial decisions for you if you are unable. Make sure your bank has a record of who can manage your money on your behalf.
• Contact your local adult protective services agency and law enforcement if you have information about a fraud or suspect you may have encountered financial abuse.

“Community bankers are often the first line of defense and can be a key resource in alerting others how to avoid becoming a victim,” ICBA President and CEO Rebeca Romero Rainey said. “Call on these trusted financial stewards to help identify prevalent scams and halt criminal activity before they try to siphon away your hard-earned financial future for you and your future generations.”

To learn more about elder financial abuse and prevention strategies, contact FCBT or visit icba.org/eldercare.

About First Community Bank and Trust

First Community Bank and Trust is a privately-owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 106 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

Press Contact:
Steve Koehn, Senior Vice President
First Community Bank and Trust
(708) 946-2246

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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