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8 Ways to Protect Elders From Scams, Fraud & Financial Abuse

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Nearly $3 billion is lost annually to scams explicitly targeting seniors. Older Americans currently hold more than two-thirds of all U.S. deposits, making them highly susceptible to scams, exploitation and abuse. 

Therefore it is imperative older Americans and their caregivers join the fight against financial abuse and take active steps to protect their finances from fraud. World Elder Abuse Awareness Day is June 15th.

In 2016, the American Bankers Association (ABA) Foundation launched its Safe Banking for Seniors campaign to encourage banks all across the country to spread awareness and educate older customers and their families on safe banking practices. To date, more than 650 banks have held financial education seminars for seniors and their financial caregivers on a range of topics, including common scams, how to choose a financial caregiver and safe banking practices.

The ABA Foundation offers these 7 Tips:

1. Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial institution, an attorney, or financial advisor about the best options for you.

2. Carefully choose a trustworthy person to act as your agent in all estate-planning matters. Select someone who has your best interest at heart.

3. Never give personal information, including your Social Security, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.

4. Stay alert to common fraud schemes. Never pay a fee or taxes to collect sweepstakes or lottery “winnings.”

5. Never rush into a financial decision.  Ask for details in writing and consult with a financial advisor or attorney before signing any document you don’t understand.

6. Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances and make sure to lock up your checkbook, account statements and other sensitive information when others will be in your home.

7. Pay with checks and credit cards instead of cash to keep a paper trail.

8. You have the right not to be threatened or intimidated. If you believe you are a victim of elder financial abuse, contact your local Adult Protective Services, tell someone at your bank or call your local police for help.

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