Learn the warning signs to protect yourself and your family.
The improper or illegal use of an elder person’s resources is what’s known as financial abuse of seniors. Seniors are often targeted for these types of crimes because of their lack of awareness, fear of retaliation and loss of personal independence which may put them at risk. Often once something happens, the senior may feel pressured to not say anything because of putting more burdens to fix the problems on their family members or friends.
Empower yourself! By knowing the signs of these crimes you can take charge of your finances and be able to prevent or stop things like this from happening. And the sad truth is, elder financial abusers can often include: immediate family members such as spouses, children or their kin, unethical business professionals, physicians or financial advisors, unscrupulous service providers such as contractors, caregivers, storekeepers and of course- unknown predatory scammers and con-artists. With so many different sources to keep a watchful eye on, learning the early warning signs can be a major start to winning this battle and stopping financial abuse altogether.
Common Warning Signs Include:
- Newly authorized signers on financial accounts. Prevent this by checking all bank and credit card statements and opening all letters. Financial institutions will often mail the primary account holder an additional notification when this type of transaction occurs.
- The unauthorized use of ATM or credit cards. Again, watching your statements can help stop this from the beginning if caught early.
- Abrupt changes in wills, trusts or powers of attorney. Any of these types of changes should be brought to the senior first for approval.
- Unexpected changes in named beneficiaries. Again, approval or acknowledgement should be given by the senior first.
- Bank or credit card statements sent to a different address.
- Dwindling funds with repeated unpaid bills. If your money is disappearing but bills are not being paid on time- you may have a problem. Contact a trusted attorney, family member or caregiver to find out what’s really going on.
- Missing property such as jewelry, art or collectibles of value.
Work with trusted family members or friends to protect yourself and your assets from these types of scams. Utility, insurance and some mortgage companies allow seniors to name other people who may be alerted should missed or insufficient payments occur. Also, ask to be notified when unusual cash withdrawals or out of the ordinary financial activities occur on your accounts. Banks are getting better all the time at spotting abnormal activities early and flagging your accounts for review.
Protect Yourself By:
- Use direct deposits for receipt of checks: social security, pension plans and other income
- Do not sign blank checks- ever
- Review banks and credit card statements each month
- Do not sign papers you do not fully understand and have been reviewed by someone you trust
- Before donating to a charity, check if it’s a state-recognized nonprofit organization first
- Place outgoing mail inside, not outside, a covered mailbox while awaiting pickup
These basic steps can make a huge different for your safety and financial security.
