Elder Abuse Awareness Day
June 15 is a day to recognize and bring light to an important topic, Elder Abuse. Elder Abuse is a worldwide issue that many might be unaware of. This abuse can occur in multiple ways: physically, emotionally, and financially. Financial abuse of seniors can involve the illegal or unauthorized use of their funds, property, or assets.
How can seniors protect themselves from financial abuse?
Plan ahead to protect your assets; prepare a financial power of attorney.
Shred bank statements, receipts and unused credit card offers before throwing them away.
Keep your checkbook, account statements and sensitive information locked away when others are in your home.
Regularly review your finances and view your credit report.
Never give personal information, including social security number, account number or other financial info to anyone over the phone unless you initiated the call and trust the other party.
How can I protect a senior I care about from financial abuse?
Discuss finances openly with elderly family members. Consider helping them get documents in place to clarify their wishes ahead of time and allow you (or another trusted family member/friend) to manage their affairs if it becomes necessary. Some documents to consider:
1. Will
2. Power of Attorney
3. Living Will
4. HIPAA authorization
Alert them to potential scams. Have them consider adding a trusted contact to their financial accounts, which would allow the bank to move more quickly when addressing fraudulent activity.
What can you do if you suspect elder financial exploitation?
Talk with your loved one and try to determine what specifically is happening with their financial situation.
Contact Adult Protective Services.