Protecting Seniors from Financial Abuse
Q – What is senior financial abuse, and how can it be prevented?
Senior financial abuse is any situation where a senior and/or their money are exploited for monetary gain. Seniors in Palm Springs, are a major target of financial abuse because they can be dependent upon others, they can be trusting, and they may have minimal experience managing their financial affairs; oh, and they also control 70% of personal assets in North America. Financial abuse takes a number of forms; some seniors may be financially exploited by their own family members, their caregivers may take advantage of their money, and may be stolen from through elaborate scams.
Tips to Avoid Senior Financial Abuse:
1. Protect personal information – SSN, PIN numbers and other financial data should be protected and never given to anyone (except a financial power of attorney)
2. Background checks and references – anyone hired to work for a senior, as a laborer or caregiver should be thoroughly screened with background checks and follow up on personal and professional references
3. Never pay for anything – often sweepstakes or lottery scams require a senior to pay money in order to claim a prize. Seniors should never have to pay to receive winnings
4. Have a backup – seniors should seek the help of a trusted family member to review and oversee major financial transactions. Having a second set of eyes to assist with decisions will help protect seniors from financial abuse
5. Report it – report any suspicious persons to senior advocacy agencies and the local police
Sources:
1. Associated Content (Susan Rand)
2. Sun-Times News Group (Terry Savage)
Home Care in Palm Springs and Palm Desert providing safe and quality in home care for aging loved ones when family members and friends cannot be there. Call us for more information at (760) 404-1423.
