Preventing Elder Abuse -
Financial Exploitation

WHAT IS FINANCIAL EXPLOITATION ?

Exploitation is intentionally taking advantage of a vulnerable adult either personally or financially. Signs include:

• Disappearance of possessions or property
• Sudden transfer of money, unauthorized use of bankcards, and/or forged signature on checks
• Checks or other documents signed when the elder cannot write or understand what he or she is signing
• Lack of personal amenities - appropriate clothing and grooming items
• Numerous unpaid bills when someone else has been designated to pay them
• Change in spending patterns, such as buying items he/she doesn't need and can't use
• The appearance of a stranger who begins a new close relationship and offers to manage the elder's finances and assets
• Undue influence or coercion;
• Life circumstances don't match with the size of the estate

PREVENTING FINANCIAL EXPLOITATION

According to the AARP, 56% of the people called by telemarketers are aged 50 or older. Determining whether a telemarketer is legitimate is sometimes difficult. Be wary of telemarketing sales pitches such as: "You have won a lottery but must send a payment before you collect", "We're offering a fantastic buy on this product and today is the last day of the offer". If something seems to good to be true it usually is.

Telemarketing Do's and Don'ts

Do:

• Ask for the company's name and address
• Ask the caller to send you written material to study before you make a purchase
• Talk to family and friends; get advice from someone you trust before you make any purchase or investment
• Request that your phone number be removed from the telemarketer's list

• Pay for any prize or send money to improve your chances to win or receive a prize
• Give any caller your credit card number or any other form of personal identification

Identity Theft

Identity theft is one of the fastest growing crimes in America. It can occur when a criminal steals personal identifying information such as name, birth date, Social Security number or your mother's maiden name and uses it for their own gain. These thefts can occur through lost or stolen credit or debit cards, non-secure online transactions, personal information recovered from your garbage, and most frequently, stolen mail from your mailbox.

Basic Safety Tips

• Don't carry important numbers or passwords with you
• Memorize your Social Security number
• Don't use your date of birth as your password
• Never leave receipts behind

Credit/Debit Cards

• Sign your new credit cards immediately
• Report lost or stolen credit cards immediately. Make sure you keep the numbers of the issuers somewhere besides on the back of your card
• Always check your monthly financial statements carefully against your receipts
• Review your consumer credit report annually

Mail

• Don't leave mail in your mailbox for more than a day. If you are gone, arrange to have a trusted neighbor or friend pick up your mail
• Double check that mailboxes are official US Postal Service collection boxes before you deposit your mail
• Shred or tear up all unnecessary documents that have your personal information on them
• Consider getting a Post Office Box

Online

• Never put in a credit or debit card number through a website unless it offers a secure transaction
• A secure transaction will have a "padlock" icon at the bottom strip of the web page. Also, the URL address will change from "http" to "https" on the page where you input personal data

OTHER STEPS YOU CAN TAKE

• Call the Federal Trade Commission 1-877-IDTHEFT: For counseling and help to resolve problems arising from this crime.
• Call one of the major credit reporting agencies (Equifax, Experian, or TransUnion): to see if any new accounts were opened in your name without your consent. You can place a "fraud alert" on your file.
• Keep a record: When you start calling agencies to report your case, keep a record of the names and phone numbers of the people you talked to, along with any supporting documentation.

RESOURCE LINKS