How to Stop Financial Abuse of Seniors
Unfortunately, financial abuse of seniors is a common occurrence. Family members, caretakers, and professionals can easily target vulnerable seniors and rob them of their finances and property. To protect yourself and loved ones from financial abuse, follow the steps and guidelines below.
Lifestyle Skills and Budgeting
- Keep a spending diary
- Keep receipts
- Set aside amounts each month for savings
- Look over bank statements each month
- Make predictions for future expenses
Financial Awareness of your Home and Estate
- Don’t use lenders who ask for “estate planning cost” or who use pressuring sales tactics
- Don’t use those who fail to inform you of fees or who charge high fees
- Understand payment deadlines
- Don’t utilize programs that require up-front payment or instruct you to not contact your financial planners and attorneys
- Beware of being sold a “living trust” package by a “living trust company”
Understand and Prevent Scams
- Lottery scams: unsolicited calls, emails, and letters saying you’ve won money
- Utility scams: utility identity theft, utility insurance scams, changed providers
- Old-fashioned scams: Medicare identity theft, phone calls, hacking
- Make passwords difficult
- Do not give out personal and credit card information unless the person is trusted
Resources and Hotlines
- FTC http://www.consumer.ftc.gov/
- National Consumer League’s Fraud Center org/scams/telemarketing/credit-repair
- Consumer Financial Protection Bureau http://www.consumerfinance.gov/older-americans/
- AARP’s Fraud Fighter 646.2283
- The Official Free Annual Credit Report com/cra/index.jsp
- Florida Dept of Financial Services 877.MY.FL.CFO, www.myfloridacfo.com
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