We all get older—it’s just part of life. And while it is something none of us can avoid, there are things we can do to protect ourselves and our loved ones from the pains associated with elder financial abuse. Unfortunately, it’s a crime that continues to plague many in our country, be we can all take steps to help prevent it.
Elder financial abuse occurs when someone uses an older person’s money or assets without proper authorization. The following are typical examples of how elderly financial abuse occurs:
- Unauthorized transactions are made to your savings, checking, or credit accounts.
- Essential items, including money, are missing from your home or property.
- People do not provide “agreed upon” pre-paid services, such as caregiving, vehicle repair, house cleaning, financial management, etc.
- Your Social Security number has been used to open an account without proper authorization.
- Your living trust or will was created or modified without your knowledge.
- Someone is misusing the Power of Attorney (POA) you have given them.
Who is a Victim?
Anyone can be a victim of elder financial abuse; however, fraudsters often target those who live alone (or are isolated in some way), have a physical or mental disability, or don’t fully understand financial matters or the technology associated with them.
Who is an Abuser?
Most often, a person trusted by an older person is the abuser, such as a family member, an attorney, a caretaker, a boyfriend or girlfriend, a wife or husband, etc. However, sometimes the abuse is committed by a stranger who may trick, force, or coerce an older person into doing something they don’t fully understand.
How Can You Protect Yourself and Your Loved Ones?
Here are a few things to consider to protect yourself and your loved ones from elder financial abuse:
- Check the legitimacy of any business you use with the Better Business Bureau, Charity Navigator, and other related resources.
- Ask for offers in writing — if it sounds too good to be true, it probably is.
- Block unwanted or suspicious calls.
- Check-in regularly with your loved ones—talk about finances and caregiving options when needed.
- Do not give out personal information over the phone, online, via email, or by mail unless you started the communication and verified the recipient’s legitimacy.
- Do not click on links in emails or pop-up windows—unless you’re confident it’s from a trusted source.
- Do not send money to anyone without verifying their identity—avoid sending money to a person or entity that requires payment by wire transfer or gift cards.
If you or a loved one has fallen victim to elder financial abuse, report it immediately to the police. Likewise, if you see any unauthorized transactions in a Quail Creek Bank account, please let us know immediately at 405-755-1000. The sooner it’s reported, the better for all parties involved. Please know that at Quail Creek Bank, we are required by law to report any abuse we may see at the bank and will protect our customers in every way we can. You can learn more about how you can protect yourself or your loved ones from all types of elder abuse here.
