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How do I protect from Financial Abuse?
Unfortunately, as our population has aged and our life expectancies have increased, so has the number of unscrupulous people willing to exploit seniors financially. The method for exploiting seniors are countless and financial abuse is all too prevalent. As with any crime, the best way to protect yourself from potential financial abuse is to be prepared. Although it is not necessary to become paranoid and untrusting, vigilance and education are important. One of the ways to avoid becoming a victim of financial exploitation is to maintain a close relationship with a trusted relative, long-time friend or trusted financial adviser. The Power of Attorney can be a very useful tool in protecting seniors from financial abuse. If used improperly a Power of Attorney can also be a tool for a person to exploit an elderly individual. It is important that the person appointed in the Power of Attorney be absolutely trustworthy. If an offer sounds too good to be true, it probably is a scam. In addition to phone solicitations for free trips and lotteries, some financial exploitation becomes very personal. Some of the worst financial abuse comes from relatives or individuals who befriend seniors with the intent to take money, jewelry, cars and even real property from them. Following are a list of some of the most common forms of financial abuse of elders: Credit Card Fraud - Credit Card Fraud costs you time, inconvenience and money. Never give credit card information to anyone who solicits it over the phone and/or internet. Door-to-Door Sales - Seemingly friendly salespersons may actually be con artists. It is important to ask questions about their business and if you have concerns, do not buy anything “on-the-spot.” You can always check with the city business office to find out if they have a business license, or if there have been any complaints. Identity Theft - When someone uses your personal financial information to apply for loans, credit cards or leases, they are perpetrating identity theft. Be sure to protect your Social Security number, and all bank account numbers. Medicaid Drug Discount Card Scams - Many con artists are already selling phony discount cards. Check into them very carefully before purchasing. Nigerian Money Offer Scams - Nigerian Money Offer Scams are among the most common types of fraud arriving by email and telephone. You should be wary of any offers of money over the telephone or by mail or email. They may come from any country, but originally started in Nigeria. Sweepstakes Promotions - Sweepstakes Promotions you receive in the mail are seldom legitimate. Be particularly suspicious if they want money, even for “Postage and Handling.” Travel Fraud - Avoid offers for free or very inexpensive trips. These are usually scams. Work-at-Home Scams - Do not fall for Work-at-Home schemes. They promise large financial rewards, but you will not get rich falling for them. They usually require you to invest money for merchandise, etc., which is worthless. If you believe you or someone you know may be the victim of financial abuse, you should contact your local Adult Protective Services staff in Jackson County at (541) 776-6222. |
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Disclaimer: The information contained in pages found at www.broesderlaw.com are publications of Arant &
Broesder, LLC for general purposes only and should not be construed as legal advice or legal opinion on any
specific facts or circumstances. If you have specific legal questions, you are urged to consult your own
lawyer concerning your own situation.
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