Take These Steps to Prevent Financial Elder Abuse

Protect the seniors you love from financial elder abuse with these tips.

When asked whether they thought they might be at risk for financial elder abuse or fraud, the overwhelming majority of surveyed older adults – 81%, in fact – were confident that they would never fall for a scam. We all want to believe we’re too savvy and smart to be taken advantage of; but the reality is, many scammers are even smarter and savvier. 

And though we might assume that financial fraud mostly occurs at the hands of strangers, the truth is that as many as two out of three of all financial crimes are committed by people the victim knows and trusts. 

The good news is, there are several steps that seniors and their loved ones can take to protect themselves:

• Register with EverSafe (or a similar type of program) that provides alerts when any unusual financial activity occurs
• Designate a financial power of attorney who will take care of managing finances if the senior is no longer able to do so themselves at some point
• Ensure that all incoming funds are deposited to the older person’s bank account by direct deposit – never through paper checks, which can more easily be confiscated by someone else
• Complete a Trusted Contact Form at the bank, which places a hold on funds if financial exploitation is suspected until the trusted contact person has been notified

It’s also important to know that the Senior Safe Act has recently been signed into law to protect older adults even further from financial abuse. This act encourages reporting of elder financial fraud and protects banking institutions from liability.

For additional safety against financial elder abuse and any other kind of senior abuse, contact Hired Hands Homecare, the top provider of in-home Napa support services and care throughout the surrounding areas. All of our caregivers are fully background checked, bonded, and insured, for your peace of mind and the safety of the seniors we serve.

We hire only those we would want to have caring for our own senior family members, so you can rest assured that the caregiver your family member receives is highly trusted and committed to the highest quality care. 

Our caregivers make excellent companions for seniors – something that is crucial for everyone’s health and wellbeing. In fact, financial elder abuse sometimes occurs for the simple reason that a senior is lonely and more vulnerable to being taken advantage of. A Hired Hands Homecare caregiver serves as a trusted source of socialization, while providing the boost in independence in-home care provides.

To learn more about the many ways we can help improve life for a senior you love, call us at (866) 940-4343. We offer free consultations right in the comfort of your home, where we can answer all of your questions and allow you the opportunity to get started on a brighter future for someone you love!

Financial Elder Abuse