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April is Financial Literacy Month, please take the time to review tips to protect yourself or loved ones for potential financial exploitation.

TIPS: How can Older Adults protect themselves from Financial Abuse?

  • Organization: Make sure financial records are well organized and have current knowledge of what is in your accounts.
  • Trusted Person: Designate a trustworthy individual to assist you in money management in the event you are not able to do so.
  • Professional Advice: Talk with you bank, an attorney or financial advisor to ensure your money and property are executed according to your wishes.
  • Secure: Lock up private information about finances such as checkbook, account statements and other sensitive information.
  • Double Check: Contact credit card provider for copies to review charges.  You are entitled to a free copy of your credit report from all 3 major credit bureaus.

AnnualCreditReport.com or 1-877-322-8228

  • Personal Information: DO NOT provide any personal information over the phone, such as financial account, social security, or date of birth unless you initiated the call.
  • Get it in Writing: Get details in writing and a second opinion from a financial advisor or an attorney before signing.
  • Checks/Credit Cards: Ensure a record of your transactions by pay with checks and credit cards, not cash.

Tips: Family and friends can protect Older Adults from Financial Exploitation.

  • Awareness:
    • Unexplained account with drawls.
    • Individual unexpectedly making financial decisions on behalf of an Older Adult.
    • Missing funds or valuable property.
    • Sudden or unexpected transfers of assets to another.
    • Hastily changes to will or other important documents.
    • Suspicious signature on checks or other important documents.

If you believe you or someone you know has been the victim of financial exploitation, please contact Aging Resources to speak to an Elder Rights Specialist at 515-255-1310.