10 Ways Seniors Can Avoid Financial Abuse

Those over 60 come from a generation of trust and handshake agreements, but sadly that is being taken advantage of especially during the COVID-19 pandemic. If you’re one of those people whose good-will is prone to be taken advantage of, here are some steps you and your family can take to avoid being scammed:

  • Use direct deposit: Set-up direct deposits, so pensions and other payments go straight into your account. No more “missing” checks!
  • Arrange for an account oversight: Give someone (very) close to you, access to your accounts to ensure nothing unusual is going on.
  • Use a revocable trust: Gives someone you trust access to your accounts for if you ever become disabled.
  • Build safeguards into a power of attorney: This allows you to appoint an agent to act in your place for financial purposes if you ever become incapacitated.
  • Arrange Family Visits as Often as Possible (If COVID allows for it…): Family members visiting helps prevent scammers from constant targeting, and to keep those close to you informed about any recent abuse attempts.
  • Research about scams and email phishing: Learning about common financial scam tactics (especially via email) can help you recognize the warning signs.
  • Simplify your finances : Streamline those accounts and credit cards!  Use a Limited Credit Card.
  • Opt-out of Mail Solicitations

Read in more detail about how you can prevent financial abuse in full here.