Unfortunately the reality is that the public takes advantage of the elderly and will take their money any way they can. In order to prevent yourself from being a victim of these crimes, staying informed is crucial. Knowing how to prevent financial abuse and knowing what to do if you think you’ve been robbed will go a long way and keep you independent and safe from financial fraud.
A few simple tips can allow you to keep your financial information confidential and safe. First, never share numbers with anyone unless you already know and trust them. Handing out credit card numbers over the phone can be a huge mistake.
Never pay money upfront, and only appoint someone you trust to handle your money if you can’t do it yourself. These simple tips go a long way and can save you money.
In the case that you think you are being robbed the first thing to do is to say something. Keeping this information to yourself will only make the problem worse. Report the loss of money to adult protective services and law enforcement, then make sure to file a complaint to the company you believe is a part of the financial abuse.
You can take control of your life and prevent financial abuse, as long as you stay informed. Here's a video of Director of the Consumer Financial Protection Bureau Richard Cordray speaking on elder financial abuse.