Financial Abuse of the Elderly is becoming a serious problem in the world today. Many elderly people have money taken from their banks accounts every year without their permission. Therefore, it is important to consider ways to keep your bank account free from fraudulent activity.
Millions of people all over the world have money taken from their banking accounts unknowingly. A large majority of these people are the elderly. Fraudulent activity is not necessarily exclusive to people you don’t know. In many cases of financial abuse, especially in the elderly, it is associated with family members or carers doing the wrong thing.
Therefore, it is important for the elderly to have a good understanding of your banking practices but also it is important to have a good understanding of your civil rights to manage your own money in your golden years.
There are several warning signs when fraudulent activity is taking place.
- Accounts are not being paid on time
- Money is disappearing from your bank accounts – it may only be small amounts
- You are being pressured into signing papers that you don’t fully understand
- You are being ask for money for vague billing accounts
- Large amounts of money is being withdrawn from your banking accounts without explanation
Standard bank accounts and online banking are two areas where fraudulent activity can take place.
Taking precautions is the best way to keep your bank accounts safe from fraudulent exploitation. These precautions are very common sense practices regardless of who is looking after you in your twilight years. Remember, family members and carers do abuse the elderly when it comes to financial matters.
- Check and double check your monthly bank statements
- Store bank statements and cheque books in a safe place
- Keep your ATM card in a private place and avoid giving your pin number to people
- Never, never, never sign a blank cheque
- Create joint bank accounts where two signatures are manatory
- Contact your bank regularly
With the advent of internet banking, many elderly people are now using this means to manage their finances with great success. Internet banking or online banking give the user more control over his or her finances. Moreover, you have instant access to your finances and therefore all your financial information is at your finger tips.
Nevertheless, there are still precautions you need take to avoid fraudulent activity. As the old saying goes, “An ounce of prevention goes a long way.”
- Always check your bank accounts regularly
- Avoid doing online banking in public places
- Keep your security up-to-date; for example, firewall, virus protector, spam filters, etc.
- Change your password regularly
These precautions are really common sense when it comes to financial exploitation. If you notice irregularities, check it out or phone your bank personal. Banks are usually very helpful when it comes to financial exploitation.
Of course, this is only a brief overview of financial abuse of the elderly. If you are wanting more detailed information, I would encourage you to click on Financial Exploitation of the Elderly.
Resources For Financial Abuse of the Elderly
Financial Exploitation of the Elderly – How can you protect seniors from financial exploitation without an understanding of exactly what it is?
Banks Behaving Badly: Banks Behaving Badly need to be held accountable, especially when they blatantly rip people off and over charge with interest and account fees.