As we age, financial security and personal safety become increasingly important. Unfortunately, seniors are often targeted by financial exploiters who aim to take advantage of their trust and resources. At M C Bank, we’re committed to helping our customers safeguard their assets and their peace of mind. Inspired by tips shared by the American Bankers Association, we’ve compiled essential advice for seniors and their families to prevent financial exploitation and protect what matters most.
How Seniors Can Protect Themselves
Plan Ahead
Taking steps now can help ensure your wishes are followed and your finances are secure. Consider appointing a trusted financial caregiver to assist you when necessary.
Secure Your Documents
Shred sensitive documents, such as receipts, bank statements, and unused credit card offers, before discarding them. Keep your checkbook, account statements, and other important information locked away, especially if you have visitors in your home.
Monitor Your Financial Health
Regularly review your credit report and account statements to spot any unusual activity. Be cautious when sharing personal information – only provide details like your social security number or bank account information if you’ve initiated the call and trust the other party.
Avoid Scams
Be skeptical of sweepstakes or lottery claims that require you to pay fees or taxes upfront. If something sounds too good to be true, it likely is. Never rush into financial decisions – ask for written details and consult a trusted advisor or attorney.
Build Relationships with Trusted Advisors
Get to know your banker and financial advisors. These relationships can help ensure someone is looking out for suspicious activity on your accounts.
Exercise Caution with Payments
Use credit cards instead of cash whenever possible to create a clear paper trail. Before hiring anyone, check their references and credentials, and don’t give them access to your financial information.
Trust Your Instincts
If something doesn’t feel right, it probably isn’t. Exploiters are often charming and persuasive, but you have the right to protect yourself and your finances. Don’t hesitate to seek help if you’re feeling pressured or unsure.
Know Where to Turn for Help
If you suspect financial exploitation or feel threatened, talk to someone you trust. Notify your banker and report the issue to local Adult Protective Services or the police. You can also file a report with the FBI at IC3.gov.
Tips for Family and Friends
If you’re a family member or friend, you play a crucial role in protecting your loved ones. Here are some warning signs of elder financial exploitation:
- Unusual activity in bank accounts, such as large or frequent withdrawals.
- ATM withdrawals by someone who has never used an ATM card before.
- Sudden changes to accounts or unexplained transfers.
- New “best friends” who accompany the senior to the bank.
- Suspicious signatures on checks or uncharacteristic financial decisions.
- A caretaker or relative conducting financial transactions without proper authorization.
- Altered wills, trusts, or loss of property.
If you notice these red flags, act immediately:
- Have a Conversation: Speak with your loved one to understand what’s happening and offer support.
- Notify Their Bank: Banks can often help spot and stop fraudulent activity. Alert their banker about your concerns.
- Contact Authorities: Report elder financial exploitation to Adult Protective Services, your local police, or file a complaint with the FBI at IC3.gov.
At M C Bank, We’re Here to Help
Building relationships with our clients is at the heart of what we do. If you have concerns about financial exploitation or simply want to learn more about safeguarding your finances, our team is here to support you. Contact your banker or visit your local M C Bank banking center with any questions. Together, we can ensure a safer, more secure future for our seniors and their families.
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