Financial Exploitation

Have you ever wondered why financial institutions are so particular about large wires and withdrawals?

At ABFCU, we want to help prevent the financial exploitation of our members, and the increased security required for unusually large withdrawals and wires is part of how we do that. The number of financial abuse and exploitation incidents associated with large withdrawals and wires is growing, which especially impacts elderly and vulnerable adults.

Financial exploitation can take many forms:

  • Threats of or actual physical, emotional, psychological, or sexual abuse by a person to influence the victim to withdraw assets;
  • Manipulation by a caretaker or relative;
  • Sweetheart scams, where the perpetrator enters the victim’s life as a romantic interest in order to gain influence and eventually financial control;
  • Advance fees for “419” frauds, a popular crime that uses a variety of methods (email, fax, telephone) promising victims a reward in exchange for upfront cash or assistance;
  • Pigeon drops, where a victim is approached by a stranger claiming to have found a large sum of money which they will offer to share with the victim in exchange for a “good faith” deposit;
  • Impersonation of a government agent or authority, such as the IRS or the FBI, stating that the victim has committed a crime requiring payment or restitution;
  • Telemarketing or charity scams, where the victim is persuaded to buy a valueless or nonexistent product, donate to a bogus charity, or invest in a fictitious enterprise;
  • Presentation as a fictitious relative pretending to be in distress or need of cash that must be wired, transferred, or transmitted.

This list is in no way an all-inclusive list, but it does describe some of the most common types of financial exploitation.

We want to help. If you believe you are the victim of financial exploitation, please let our staff know and we will assist in routing the matter to the proper authorities and/or provide any resources at our disposal.

Please be aware that Arkansas Best Federal Credit Union is required by law to report any financial exploitation of an elderly person or a vulnerable adult, as defined by state or federal law. We may also, at our option, report any suspicious transaction to law enforcement as appropriate.