Article | 2:00 min read

How to Prevent Financial Abuse for You and Your Loved Ones

Security

Learn how to protect your future with trustworthy support against financial scams.

Mother and daughter cooking in kitchen

Every year, many seniors are targeted by financial scams. Scammers often go after seniors who might have trouble thinking clearly, moving around, or doing things on their own. Having someone you trust manage your money can help keep you safe from these scams. By choosing someone reliable to handle your finances, you can better protect yourself.

Here are some essential tips to protect yourself or your loved ones:

  1. Plan Ahead

    Protect your assets and ensure your wishes are respected by consulting with a financial institution representative, attorney, or financial advisor to explore the best options for you.

  2. Choose Wisely

    Select a trustworthy individual to act as your agent in all estate-planning matters. Ensure they are reliable and have your best interests at heart.
  3. Secure Sensitive Information

    Keep your checkbook, account statements, and other sensitive information in a safe place, especially when others are in your home.
  4. Protect Personal Information

    Never share personal details such as your Social Security Number or financial account numbers over the phone unless you initiated the call and trust the recipient.
  5. Avoid Scams

    Be wary of offers that require payment of fees or taxes to claim sweepstakes or lottery “winnings.”
  6. Take Your Time

    Don’t rush into financial decisions. Request details in writing and seek a second opinion when needed.
  7. Seek Professional Guidance

    Consult with a financial advisor or attorney before signing any documents you don’t fully understand.
  8. Build Trust with Your Banker

    Establish a relationship with your banker. They can help monitor your account for any suspicious activity.
  9. Verify Credentials

    Check references and credentials before hiring anyone, and do not allow workers access to your financial information.
  10. Use Checks and Credit Cards

    Opt for checks and credit cards instead of cash to maintain a paper trail of your transactions.
  11. Know Your Rights

    You should not be threatened or intimidated. If you suspect someone is trying to take control of your finances, contact Adult Protective Services or speak to someone at your bank.

If you believe you have been a victim of financial abuse, it is crucial to:

  • Speak with a trusted family member or clergy who has your best interests at heart.
  • Consult with your attorney, doctor, or an officer at your bank.
  • Reach out to Adult Protective Services in your state or your local police for assistance.

By taking these proactive steps, you can help protect yourself or your loved ones from becoming victims of financial abuse.

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The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.