Timeless December 2021 - January 2022 | Page 24

YOUR FINANCES

UNDERSTANDING THE MANY FACES OF SENIOR FINANCIAL ABUSE

By Camp Keith Contributing Columnist
Did you know one of the fastest growing fraud tactics in the country is Senior Financial abuse ?
Over 70 % of the United States wealth is controlled by people 50 years and older – making that demographic the prime target for fraudsters .
Elder Abuse is a crime that deprives older adults of not only their resources , but their independence . Financial abuse is among the top three types of elder abuse , with nearly 40,000 cases reported annually . This financial abuse can occur in a variety of different ways – from theft , misuse of a person ’ s assets or credit , to the use of undue influence to gain control of an elder ’ s money or property .
Senior financial abuse has many faces – it can often be a caretaker , a neighbor , or even an acquaintance , but is also commonly done via internet and telephone scams .
Keith
Financial abuse is a crime that often goes unreported due to the victim ’ s dependency on the caregiver or the embarrassment of admitting to financial exploitation .
The first step to preventing elder abuse is awareness . It is important to know how to prevent falling victim to common frauds and scams . In an effort to safeguard your personal information , here are a few tips to help you protect yourself or those in your life at risk of senior financial abuse :
• Plan ahead to protect your assets . Talk to a financial advisor and an attorney about the best options for you and your future .
• Shred receipts , bank statements and unused credit card offers before throwing them away to prevent them from landing in the wrong hands .
• Choose a trustworthy person to act as your agent in all estate-planning matters .
• Lock up your checkbook , account statements and other sensitive information when others will be in your home .
• Monitor your credit report to ensure there are no discrepancies .
• Never give personal information , including Social Security Number , account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted .
• Never pay a fee or taxes to collect sweepstakes or lottery “ winnings .”
• Never rush into a financial decision . Ask for details in writing and get a second opinion .
• Consult with a financial advisor or attorney before signing any document you don ’ t understand .
• Get to know your banker and build a relationship with the people who handle your finances . They can look out for any suspicious activity related to your account .
• Check references and credentials before hiring anyone . Don ’ t allow workers to have access to information about your finances .
• Feel free to say “ no .” After all , it ’ s your money .
• You have the right not to be threatened or intimidated . If you think someone close to you is trying to take control of your finances , call your local Adult Protective Services or tell someone at your bank .
• Trust your instincts . Exploiters and abusers often are very skilled . They can be charming and forceful in their effort to convince you to give up control of your finances . Don ’ t be fooled — if something doesn ’ t feel right , it may not be right . If it sounds too good to be true , it probably is .
I encourage you to plan ahead for your financial well being . Contact your local banker — we want to help you put together a plan for the future , ensuring you are taken care of and leave less room for exploitation .
It is important not only to know how to prevent elder financial abuse , but to know what to do when you detect it . If you suspect someone in your life is a victim of financial abuse , your can report the abuse to their bank , Adult Protective Services or local police .
• Camp Keith is vice president of Community Bank .
24 • TIMELESS MERIDIAN