Tips to protect yourself, family, and friends from financial abuse
Published on February 16, 2021
Recent studies suggest that the illegal or improper use of an older adult’s funds, property or assets is the most common form of elder abuse.
Below some Federal Deposit Insurance Corporation (FDIC) tips to protect yourself, family, and friends from financial abuse:
- Make sure your financial records are organized and be aware of how much money is in all your banking accounts.
- Carefully choose a trustworthy person to share your financial planning matters with so they can assist you with tracking your finances if you are unable to do so yourself.
- Lock up your checkbook, account statements, and other sensitive information.
- Order copies of your credit report to review for suspicious activity. You are entitled to a no-cost copy of your credit report from each of the three major credit bureaus once every twelve months.
- Ask for details in writing and getting a second opinion from a financial advisor or attorney before signing any document you don’t understand.
- Pay with checks and debit or credit cards instead of cash to have records of transactions.
There are many scams and frauds that attempt to get bank account information or Social Security numbers from the elderly to steal their identity or money. Be on the lookout for signs of possible financial abuse, including:
- Unexplained account withdrawals.
- Another individual unexpectedly making financial decisions on the older person’s behalf.
- Disappearance of funds or valuable possessions.
- Unanticipated transfer of assets to another individual.
- Sudden changes to a will or other important financial documents.
- Suspicious signatures on checks.
For more help or information, go to FDIC.gov. Remember to always contact Banesco USA to report any suspicious account activity or information security-related events.
To contact a Banesco USA Client Care Specialist, call toll-free from:
Monday to Friday from 8:30 AM – 5:00 PM