How to Prevent Elder Financial Abuse

Document Financial Arrangements: Put all financial instructions in writing. Keep up to date records of all financial transactions in a safe place.

Practice Preventive Banking: Use direct deposit. Keep checks in a safe place and don't sign a blank check allowing someone else to fill in the amount. Never give someone your ATM, credit card or PIN or Social Security number. Check your bank statements carefully for unauthorized withdrawals. Be cautious of joint accounts as both parties have equal access to the money. When in doubt, contact the bank to stop payment on checks, to flag or to put a hold on the account or to close an account.

Be Cautious of Signing Powers of Attorney: Before signing a power of attorney for a bank account, general purposes or for financial management, know and trust the person that you are naming as the agent. Be aware that a power of attorney is a powerful legal document that can sometimes be used by unscrupulous persons to "legally steal" someone's money and assets. Consult an attorney or make an appointment with legal services before executing a power of attorney.

Establish Relationships with Financial Professionals: Get to know your banker, attorney and/or financial advisor. They can help detect changes or unusual activity that might signal problems. If someone needs help in paying bills, consider automatic billing paying services through a bank or hiring a bonded professional. If there is someone helping with personal finances or bill paying, ask a trusted friend or professional to regularly review bank and other financial statements.

Be Aware of Scams: Just say no to bogus prize offers, travel packages, get-rich-quick schemes, and even pleas from unknown charitable or religious organizations. In telephone solicitations, never give your social security or credit card number over the phone.

Check Health Care Billing: Question bills or notices for services that you do not understand. Report providers that have suspicious billing practices and never give your Medicare or Medi-Cal number to unauthorized providers or for "free" health care services.

Avoid Trust Mills and Annuity Salespeople: Do not attend living trust seminars. Seek assistance from a lawyer specializing in elder estate planning (Contact CANHR's Lawyer Referral Services).


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