How to Protect Senior Citizens from Financial Exploitation
How To Protect Senior Citizens From Financial Exploitation
June is World Elder Abuse Awareness Month. To help continue to raise awareness of this issue, we wanted to share some tips to protect your loved ones.
Think ahead. Talk to your loved ones about their wishes for the future and help them plan for it by designating power of attorney and healthcare directives. Consider giving someone else authority in financial matters if their physical or mental health is declining.
Stay connected. Keep in regular contact with your loved ones through frequent calls, texts, emails and visits.
Build trust with sensitive financial matters. Extreme privacy when handling money issues is common for senior citizens, but it also sets them up for vulnerability in that area. If no one else has eyes on their financials, they could be getting scammed for months without catching it. Become the trusted financial advocate your loved one needs.
Set up separate accounts. If your loved one is willing, set up several separate accounts so that they aren’t completely wiped out should they fall victim to a scam.
Set up direct deposit. Have checks deposited directly into their account so others don’t have the opportunity to cash them.
Track financial activity. Make sure to keep track of all spending and withdrawals so that any suspicious activity is noted. You can keep track of your Unity accounts from home with our Mobile App or Home Banking.
Know before you sign. Never sign any documents that you don’t understand.
Recognize the red flags. Unfortunately, most cases of elder financial abuse are committed by someone the victim knows. Be aware of the sudden reappearance of any friend or family member who has been largely absent in your loved one’s life or multiple requests to change account ownership.
Trust your gut. If something feels off or things are not adding up with your loved one’s finances, follow your intuition and get help.
Report any wrongdoing. If you’re convinced someone is scamming your loved one out of their money, contact your financial institution or Adult Protection Services immediately and file a report with your local police department.
Source: Ohio Credit Union League