Don't be a Victim of Elder Financial Abuse
The following information comes from the American Bankers Association’s website, aba.com.
You, or someone you know, could become the victim of a growing crime in America — financial exploitation of older Americans. Criminals are targeting people of all ages, especially older people, for exploitation. As people over 50 years old hold most of the nation's wealth, fraudsters are using new tactics to take advantage of retiring baby boomers and the growing number of older Americans.
What Is Elder Financial Exploitation?
It is the fastest-growing form of elder abuse, and it is defined as the illegal, unauthorized or improper use of an older person's funds, property or assets. It’s a crime that deprives older adults of their resources and, ultimately, their independence. Perpetrators may be family members, friends, neighbors, caregivers, healthcare providers, business associates or strangers.
Tips to Share Forward with Seniors
How they can protect themselves:
- Plan ahead to protect your assets and to ensure your wishes are followed. Consider a financial caregiver.
- Shred receipts, bank statements and unused credit card offers before throwing them away.
- Lock up your checkbook, account statements and other sensitive information when others will be in your home.
- Regularly review your credit report. Never give personal information, including your Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and trust the other party.
- Never pay a fee or taxes to collect sweepstakes or lottery "winnings."
- Never rush into a financial decision. Ask for details in writing and get a second opinion.
- Consult with a financial advisor or attorney before signing any document you don’t understand.
- Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
- Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
- Consider paying with a credit or debit card instead of cash to keep a paper trail.
- You have the right not to be threatened or intimidated. If you think someone close to you is trying to take control of your finances, call your local Adult Protective Services and tell someone at your bank.
- Trust your instincts. Exploiters often are very skilled. They can be charming and forceful in convincing you to give up control of your finances. Don’t be fooled—if something doesn’t feel right, it may not be right. If it sounds too good to be true, it probably is.
What should seniors do if they are a victim of financial exploitation?
- Talk to a trusted family member or friend.
- Tell their bank.
- Report it to their local police.
- File a report with the FBI at IC3.Gov.