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Protect Seniors From Financial Exploitation

Keep Your Elders Safe

Protect Seniors From Financial Exploitation | Wescom Credit Union

With one in 20 senior citizens in the U.S. reportedly being scammed out of their money, elder financial exploitation is something to be concerned about. Whether you have witnessed this firsthand with loved ones, or you simply want to protect them before it’s too late, here are five tips to help keep the seniors in your life safe:

  1. Talk about the future. If your loved one is still mentally sharp, this is a great time to talk to them about their financial future and make a plan. Set up a power of attorney designation, healthcare directives, and trusts or wills. Having a trusted person in charge of finances will help make your loved one less vulnerable to exploitation.
  2. Stay connected. Make sure to keep in regular contact with the seniors in your life—whether it’s through personal visits, calls, or even texts.
  3. Track the person’s financial activities. That way you can be aware of when something is off, such as increased withdrawals or spending. There are various related scams targeting elderly people out there, including those for donations for bogus charities, impersonating government officials such as Social Security personnel, and insurance scams in which thieves offer health or life insurance policies that are seemingly low-cost. Please help your loved ones look out, and avoid, these scams.
  4. Recognize red flags. Most case of elder financial abuse are committed by someone the victim knows. Be aware of the sudden reappearance of a friend or family member or multiple requests to change account ownership.
  5. Report any wrongdoing. As soon as you suspect elder financial abuse, contact the person’s financial institution or Adult Protection Services. Also, don’t forget to file a report with police.
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