Suggestions for seniors
Here are some potential issues and information on how to avoid them.
For a variety of reasons, older people can be at increased risk of being taken advantage of financially by family, friends, or strangers. These factors include:
- Isolation and loneliness
- Recent losses of loved ones
- Physical or mental disabilities
- Lack of familiarity with financial matters and modern technology
- Having family members who are unemployed and/or have financial, substance abuse, or gambling problems
Some examples of this criminal activity, often called elder financial abuse, include:
- Stealing an older person’s money or property
- Forging an older person’s signature on financial documents such as checks
- Tricking, forcing or scaring an older person into signing a legal contract, such as a deed, will, or power of attorney
- Using the older person’s credit card, property, or possessions without permission
- One individual promising to another lifelong care in exchange for money or property and not following through on the promise
If you suspect elder financial abuse, contact your financial institution.
To avoid elder financial abuse:
- Recognize the warning signs
- Know the profile of perpetrators
- Take steps to reduce risk
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