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'Tis the season to be wary of elder financial abuse
Date:12/14/2011

ills, trusts, and power of attorney). Keep them safe and review annually; update as circumstances change.
  • Discuss benefits of appointing a Power of Attorney with your attorney so that your directives can be adhered to even if you become incapable of stating them yourself.
  • Be cautions in making financial decisions. Do not allow anyone to pressure you into making a hasty decision. If something sounds too good to be true, it probably is. Never give out bank account, social security or credit account numbers to solicitors.
  • Protect your passwords. Do not share banking, computer or ATM passwords with others, and notify company or bank if you notice any questionable charges or transactions.
  • Beware of telephone solicitations. It is not rude to hang up when an unknown caller tries to talk you into doing something you don't want to do or buying something you don't want. Hang up! Then call the National Do Not Call Registry at 1-888-382-1222 to reduce the number of solicitation calls you receive.
  • Be careful of individuals who may take advantage of you. Elder financial abuse can be committed by anyone, including caregivers or family members. Be wary if anyone pressures you to do something with your money or possessions that you are not sure you want to do (e.g. adding their name to your bank accounts or property titles). Be especially careful of someone who tries to keep you isolated from others, and call a trusted family member or the police.
  • Recognize potential financial abusers. Most abusers are very persuasive in convincing the elder of their trustworthiness. Again, never make a monetary decision without talking it over with someone you are sure has your best interests at heart.
  • Know what to do if you believe you are a victim of financial abuse. Put aside your fear or embarrassment and discuss your concerns with someone you trust,
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  • Contact: Jean Elliott
    elliottj@vt.edu
    540-231-5915
    Virginia Tech
    Source:Eurekalert  

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