tips-to-protect-yourself-family-and-friends-from-financial-abuse

Tips to protect yourself, family, and friends from financial abuse

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:

USA: 1-888-228-1597

Venezuela: 0-800-122-8226

Monday to Friday from 8:30 AM – 5:00 PM

The information provided by Banesco USA ("we," "us," or "our'') is for general informational purposes only and is not intended as legal, tax, investment, financial or other advice or a substitute for professional advice. The information is general in nature and does not address the circumstances of any particular individual or entity, and is not comprehensive or a complete statement of the matters discussed herein. All information contained herein is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information provided herein. The information provided may contain information from third parties or other sources. We do not warrant, endorse, guarantee, or assume responsibility for the accuracy or reliability of any information offered by third parties. Under no circumstances shall we have any liability to you for any loss or damages of any kind incurred as a result of the use of or reliance on any information provided herein. Your use and reliance on any information provided herein is solely at your own risk.
call email

Alert

You are leaving the Banesco USA website and will be redirected to a website operated by a third-party company, which has different policies (e.g., privacy and security). Apart from the materials posted by us, we are not responsible for the content on the third party's website.

Ok

Cancel