Financial abuse is a form of abuse that tends to go unnoticed but is still just as devastating. While financial abuse can impact anyone, the Federal Bureau of Investigation has reported that there has been a 14% increase in the number of individuals aged 60 and older who have fallen victim to elder fraud in 2023. It can be hard to pinpoint elder financial abuse because it can be subtle, often involving caregivers or family members.
Tips for Elders
In this article we will outline preventative measures that seniors can take to protect their finances and help reduce financial abuse from happening.
- Shred receipts, bank statements and unused credit card offers before throwing them away.
- Lock up your checkbook, account statements and other sensitive information when others will be in your home.
- Never rush into a financial decision, regardless of your relationship with the individual making the request. Ask for details in writing and always get a second opinion from someone you trust.
- Check references and credentials before hiring anyone. Don’t allow workers to have access to information regarding your finances.
- Consult with a trusted financial advisor or attorney if you ever feel unsure about a document you are signing or have a question regarding your finances.
If you feel that you or a loved one has been taken advantage of, please reference https://www.consumerfinance.gov/consumer-tools/educator-tools/resources-for-older-adults/reporting-elder-financial-abuse-guide/ to report this or contact your local police to investigate immediately. At First Savings Bank, we care for our customers’ financial wellbeing, no matter what stage of life they are in.
