When you think of elder abuse, you probably think of physical abuse. However, senior citizens are commonly the victim of financial exploitation or the improper use of their money or assets. In fact, it is the most common form of elder abuse and it is costing our country’s seniors billions of dollars a year.
The Consumer Financial Protection Bureau has released an advisory report on ways to safeguard older consumers from financial abuse.
Below Are a Few Recommendations on How to Protect the Elderly From Becoming Victims of Financial Abuse:
- If financial abuse occurs, take action and report it immediately to your bank, credit union and local enforcement. You should routinely monitor your accounts for suspicious activity.
- If you have a trusted family member or friend that can help you, consider asking them to monitor transactions. You don’t have to give them access to your funds, but they can help keep an eye on your accounts.
- You should talk to your financial institution about setting up a “convenience” account. This is an account that allows a trusted party to assist the elderly person with writing checks and managing account business.
- All seniors should consider having a financial power of attorney. This is the appointment of a trusted person to act on your behalf financially when you are no longer able to do so for yourself. Make sure your bank or credit union has a copy of the power of attorney.
If you believe a loved one has been the victim of financial abuse, seek help immediately. If your loved one is facing overwhelming debt and needs to obtain relief, we can help. Contact the Orange, Riverside, and Alameda law firm of Fitzgerald Campbell, California’s premier debtor protection law firm. We can work with you to create a debtor protection plan and can work to halt harassment and reduce and eliminate debt. Contact us for a consultation by calling (844) 431-3851 or emailing us at Info@debtorprotectors.com.