5 Tips to Protect Against Elder Fraud and Financial Exploitation

by PrimeWay
Elder Fraud

Unfortunately, elder fraud – targeting older adults in an attempt to deceive with false promises of services, financial benefits and goods that are non-existent, or financially exploiting older adults with the illegal use of their funds or property – happens all too often.

Below are five tips to help keep you and your loved ones safe.

1. Don't isolate yourself

Elder fraud is more likely to occur when you isolate yourself from others in the community; it's easier for abuse to occur behind closed doors or for someone to take advantage of you when you're alone. Find ways to stay active in the community. Eldercare Locator can help you find activities in your area.

2. Get listed on the do not call list

By decreasing the number of telemarketer phone calls and mailings you receive, you also decrease the risk of elder fraud and financial exploitation. Visit www.donotcall.gov to add your name to the list.

3. Use direct deposit

Sign up for direct deposit for any benefit and social security checks you receive. This will help you avoid the risk of hard copy checks in the mail being stolen.

4. Be smart when giving info over the phone

Only provide personal information over the phone if you initiated the call to speak with a reputable company or individual.

5. Don't be afraid to speak up

Ninety percent of elder abuse is committed by a family member. For this reason, many elders are afraid to, or feel bad about, speaking up. No one deserves to be a victim of elder abuse or fraud, so don't be afraid to speak up and protect yourself.

For more information and tips around elder fraud, visit the National Council on Aging and stopfraud.gov.

In our next post, we'll share signs to help you identify elder fraud to support those who have fallen victim to such abuse.

5 Tips to Protect Against Elder Fraud and Financial Exploitation

Unfortunately, elder fraud happens too often. Below are five tips to help keep you and your loved ones safe.

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Author Bio

PrimeWay

Since 1937, PrimeWay Federal Credit Union has been a not-for-profit organization dedicated to providing superior financial services to members in the Houston area. We offer more personalized services than you'll traditionally find at more conventional financial institutions. Our hallmarks are low interest rate loans, higher dividends on deposits and excellent member services.

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