Many incidents of financial abuse targeting older adults have been reported to the authorities. These cause an estimated $4.8 billion in losses. The numbers actually understate the problem by a significant amount. Experts say that elder financial exploitation is vastly under-reported. In most cases, the abuse can be prevented before it actually happens. Take steps to protect yourself or a loved one from financial exploitation. Read on to find out how to do so!
Choose Someone You Trust as Your Financial Power of Attorney
While you still can make financial decisions, pick the right person to help you with that if you ever become incapacitated. Or if you choose two people, they can share the workload with each other.
Appoint a Trusted Contact for Accounts and Investments
A trusted contact is someone you authorize a bank or institution to get in touch with about any questionable activity found going on with your account, or if they can’t reach you. The company will be allowed to disclose some of the account information to this trusted contact, but they cannot make any transactions. A similar option is to give someone view-only access to the account so they can monitor your transactions but not carry out any transactions.
Sign Up for Financial Services
You can make use of tech tools such as Lifelock and EverSafe to detect suspicious activity. They will notify you and a trusted person if that happens. These services offer not only protection but also support in recouping any losses. If you fall victim to fraud, they will help you to report it and mitigate your losses.
Stay in Touch with Older Loved Ones
A natural part of aging is losing connections after retirement, moving, and the deaths of relatives and loved ones. Social isolation, whether it is due to physical social distancing as required by the pandemic or life’s circumstances, is one of the greatest risk factors for financial exploitation of older people. Maintain close contact with your older loved ones through phone, emails, texts, or visits. Encourage them to keep involved with other people through social groups, a faith community, or volunteer activities. Watch out for anyone who discourages contact with family and friends, asks for sums of money, or exerts pressure on financial decisions.
Get to Know Your Loved One’s Caregivers
If you hire help for a loved one, go through a bonded agency that does careful screening and will take action in the case of theft, such as contacting the authorities and also reimbursing you. Once help is hired, take note of how the caregiver is taking care of your loved one.
Experience Terrabella Cramer Mountain
Terrabella Cramer Mountain is a wonderful retirement community designed especially for our residents. The combination of a safe and secure environment, superior care, excellent amenities, exciting lifestyle programs, and personalized service make for a senior living experience that stands out from the crowd. Choose from two senior living options, the Assisted Living and the Memory Care option. Our community is perfect for residents who want to enjoy a worry-free lifestyle.