Staying Safe From Senior Financial Abuse

 

You or someone you know can be the victim of a growing crime in America: the financial abuse of seniors. Because people over 50 years of age control over 70 percent of the nation’s wealth, fraudsters are using new tactics to take advantage of those retiring and the growing number of older Americans. In the last year alone, senior financial abuse is estimated to have cost victims at least $2.9 billion.

Elder financial abuse is a crime that deprives older adults of their resources and independence. This crime can occur in many ways such as theft, fraud, misuse of a person’s assets or credit, or undue influence to gain control of an older person’s money. All of these could be signs of possible exploitation. Older Americans with disabilities or those who rely on others for help are most susceptible to scams and other fraud. Advances in technology often make it difficult for seniors to know who to trust.

Simple steps can be taken to safeguard personal information and to recognize warning signs to protect against financial abuse.

One easy way to protect yourself from elder financial abuse is to plan ahead by protecting your assets. A financial attorney or a financial advisor can help you discover the best options.

Shredding receipts, bank statements, and unused credit cards before throwing them away can also ensure that personal information is protected. In addition to this, locking up your checkbook, account statements, and other sensitive information while others are in your home guarantees that this information remains secure.

One of the main ways that criminals prey on the elderly is by utilizing telephone scams. This can be easily prevented by never giving out personal information to anyone over the phone unless you initiated the call and they are a trusted party. Trust your instincts when it comes to scammers. If something doesn’t feel right, then it probably isn’t. Don’t be afraid to ask a financial professional or a loved one if someone can be trusted.

It is necessary to be able to spot the warning signs of someone who may be the victim of financial abuse. Watch out for these “red flags:”

●   Unusual activity in a person’s bank accounts including large, frequent or unexplained withdrawals

●   Changing from a basic account to one that offers more complicated services the customer doesn’t fully understand or need

●   Suspicious signatures on checks or outright forgery

●   Bank statements that no longer go to the customer’s home

●   A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation

●   Loss of property

If you suspect financial abuse, talk to elderly friends or loved ones if you see any of the signs mentioned here. Try to determine what is happening and report it to a bank. You should also contact Adult Protective Services in your town or state for help and report all instances of elder financial abuse to your local police, especially if fraud is involved.

At Elder Law of Omaha our passion for seniors and their care is top priority. If you have questions about adult guardianship, estate planning or how to plan for long term care and the future, then please give us a call to set up your complimentary 30-minute consultation at 402-614-6400.