By Charlestien Harris
Let me start by saying that when you work hard for your money and someone works just as hard to steal it, it’s incredibly frustrating! Financial exploitation is commonly defined as the illegal or improper use of another person’s money or property for personal profit or gain. The financial exploitation of older adults and those with disabilities has become a major issue. Stopping it – or preventing it – should be everyone’s responsibility.
With October marking the start of Financial Exploitation Awareness Month, it’s a good reminder for all of us to look out for and assist the older adults and people with disabilities in our communities.
Many of you may want to help but aren’t sure where to start. Here are a few suggestions to get you going:
1. Look for signs of unusual financial transactions.
While this list is not exhaustive, some signs of exploitation may include:
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- Cashing checks without the account owner’s permission.
- Sudden changes in bank account balances or banking practices.
- Individuals accompanying the account owner to withdraw large sums of money.
- Adding extra names to a bank signature card.
- Unapproved ATM card withdrawals.
- Sudden changes in a will or other financial documents.
- Forged signatures on financial transactions or property titles.
- Unexplained missing money or valuables.
- Unpaid bills, despite having enough money.
- Relatives suddenly claiming rights to a person’s affairs or property.
- Unexplained transfers of assets.
- Paying bills that don’t belong to the account holder.
By monitoring your debit and credit card statements, you can spot unauthorized transactions.
2. Recognize that financial exploitation isn’t limited to strangers.
Many people think most financial abuse comes from mysterious con artists far away, but the reality is different. Those most often committing financial abuse are individuals in a position of trust. These individuals may harbor resentment toward the victim, be financially unstable, have addiction issues, or face other instabilities. They can include:
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- Family members
- Caregivers
- Nursing home staff
- Guardians, conservators, and other fiduciaries
- Housekeepers and other home service providers
It’s essential to keep legal documents in a safe place, protect your passwords and PINs, and only share financial information with trusted individuals.
3. Be aware of professional scams to prevent abuse.
Professional scammers are always looking for unsuspecting victims. The more you know about their tactics, the better equipped you’ll be to spot them before they can harm you or your loved ones financially. Here are a few types of scams to watch out for:
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- Investment Schemes: These individuals or entities promise unrealistic returns and are often unlicensed.
- Internet Phishing: Scammers send fake emails about bank accounts. Avoid clicking on anything that seems fraudulent, and always contact your bank directly if something seems suspicious.
- Identity Theft: Learn how to prevent identity theft and know the steps to take if it happens to you.
- Medicare Scams: These scams are often costly because scammers initiate actual money transactions to gain access to victims’ bank accounts. Only get Medicare information from trusted sources, and verify any unsolicited phone calls or voicemails before taking action.
Education is key to preventing financial exploitation. You can take proactive steps to safeguard yourself by becoming an informed consumer. Seniors should stay active, socialize with family and friends, and avoid isolating themselves. This helps foster trust and keeps communication open, which can prevent potential financial abuse by a relative. If you’re asked to send money or provide personal information to someone you don’t know, consult a trusted friend or family member first. Remember: if it sounds too good to be true, it probably is.
For more information on this or other financial topics, feel free to email me at Charlestien.Harris@banksouthern.com or call me at 662-624-5776.
Until next week – stay financially fit!