Protecting Elders from Financial Exploitation

In a perfect world, people would not take advantage of vulnerable, elderly individuals. But, of course, that’s not the real world.

Accordingly, here are some tips on protecting those who need it.

·         Provide access to only one account. It is highly recommended that the vulnerable person have direct access to only one checking account. This limits exposure on checks written to charities or criminals.

·         On-line bill pay for monthly bills. Do automatic bill pay for routine bills. That helps with account surveillance.

·         Caution them about email scams. Educate about phishing scams. Advise against opening email or links from unknown senders. Set up regular and automatic computer anti-virus and malware scans.

·         Decrease opportunities for unwanted solicitations. To avoid telemarketing calls, add all phone numbers to the National Do Not Call Registry. Advise the vulnerable person to never give out credit card or Social Security numbers over the phone. To reduce mail solicitations, including “free” credit offers, unsubscribe at www.optoutprescreen.com.