Every year, many seniors are targeted by financial scams. Scammers often go after seniors who might have trouble thinking clearly, moving around, or doing things on their own. Having someone you trust manage your money can help keep you safe from these scams. By choosing someone reliable to handle your finances, you can better protect yourself.
Here are some essential tips to protect yourself or your loved ones:
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Plan Ahead
Protect your assets and ensure your wishes are respected by consulting with a financial institution representative, attorney, or financial advisor to explore the best options for you.
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Choose Wisely
Select a trustworthy individual to act as your agent in all estate-planning matters. Ensure they are reliable and have your best interests at heart. -
Secure Sensitive Information
Keep your checkbook, account statements, and other sensitive information in a safe place, especially when others are in your home. -
Protect Personal Information
Never share personal details such as your Social Security Number or financial account numbers over the phone unless you initiated the call and trust the recipient. -
Avoid Scams
Be wary of offers that require payment of fees or taxes to claim sweepstakes or lottery “winnings.” -
Take Your Time
Don’t rush into financial decisions. Request details in writing and seek a second opinion when needed. -
Seek Professional Guidance
Consult with a financial advisor or attorney before signing any documents you don’t fully understand. -
Build Trust with Your Banker
Establish a relationship with your banker. They can help monitor your account for any suspicious activity. -
Verify Credentials
Check references and credentials before hiring anyone, and do not allow workers access to your financial information. -
Use Checks and Credit Cards
Opt for checks and credit cards instead of cash to maintain a paper trail of your transactions. -
Know Your Rights
You should not be threatened or intimidated. If you suspect someone is trying to take control of your finances, contact Adult Protective Services or speak to someone at your bank.
If you believe you have been a victim of financial abuse, it is crucial to:
- Speak with a trusted family member or clergy who has your best interests at heart.
- Consult with your attorney, doctor, or an officer at your bank.
- Reach out to Adult Protective Services in your state or your local police for assistance.
By taking these proactive steps, you can help protect yourself or your loved ones from becoming victims of financial abuse.
