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STEPS TO PREVENT FINANCIAL EXPLOITATION Financial Exploitation of Older Adults is the most frequently reported type of elder abuse. There are a few simple steps that an older adult may take that could reduce the risk of financial abuse. Banks, credit unions and other financial institutions often offer support in helping an older adult maintain financial health and well being. Here are a few tips to discuss with the staff of your financial institution. Meet with a financial planner or personal banker to review your accounts and your banking needs Ask if your account can be flagged as a “Protected Account” or could have a “Fraud Alert” attached so that activity will be closely monitored. Discuss safe options for allowing a family member or friend to help you pay bills Set up direct deposits for pension payments or social security checks If trying to avoid probate complications, ask about a “Payable on Death” or “POD” account, and remember, you may revoke the POD beneficiary at any time C o d y P o l i c e D e p a r t m e n t Wyoming Consumer Protection Unit Toll Free: [PHONE REDACTED] Phone: [PHONE REDACTED] Fax: [PHONE REDACTED] Email: [EMAIL REDACTED] Cody Police Department [PHONE REDACTED] ---PAGE BREAK--- STEPS TO PREVENT FINANCIAL EXPLOITATION Consider signing a “Prior Consent to Release Financial Information Form”. This form gives your bank/credit union your permission to share pertinent information with law enforcement if they suspect abuse or exploitation If you have a Power of Attorney (POA), be specific about the responsibilities and the limitations of the agent. You might also consider designating two people to serve as co-agents as an extra protection. It is best to designate an agent who is not dependent on you for financial support Provide your bank with copies of your POA if it gives your agent any access to your money, and remember to alert your bank if you revoke a POA or change agents Contact your bank immediately if there are entries on your bank statement that you do not understand or recall or if you do not receive a statement when expected Obtain your credit report once a year and ask your personal banker to review it with you. You may get a copy of your credit report for free once a year by contacting Annual Credit Report Request Service at 1-[PHONE REDACTED] or on the web at www.annualcreditreport.com C o d y P o l i c e D e p a r t m e n t P a g e 2 Wyoming Consumer Protection Unit Toll Free: [PHONE REDACTED] Phone: [PHONE REDACTED] Fax: [PHONE REDACTED] Email: [EMAIL REDACTED] Cody Police Department [PHONE REDACTED] ---PAGE BREAK--- STEPS TO PREVENT FINANCIAL EXPLOITATION Here are a few additional ideas to help you protect yourself from financial abuse or exploitation: Whenever possible, hire professionals to do home health care, home repairs and handyman services Maintain a professional relationship with healthcare workers and contractors Never give a blank check to anyone—even someone you trust. The check could be stolen or misused If someone is helping you pay bills, review all of the checks to make sure that they are made out correctly NEVER give your ATM card and PIN number to anyone, even for just one purchase Insist on receipts for purchases made on your behalf before reimbursing NEVER wire money to strangers If a staff person at your bank tells you that a transaction might be part of a scam, check it out before depositing a check or taking funds out of your account NEVER sign a document you have not read or do not understand C o d y P o l i c e D e p a r t m e n t P a g e 3 Wyoming Consumer Protection Unit Toll Free: [PHONE REDACTED] Phone: [PHONE REDACTED] Fax: [PHONE REDACTED] Email: [EMAIL REDACTED] Cody Police Department [PHONE REDACTED] ---PAGE BREAK--- STEPS TO PREVENT FINANCIAL EXPLOITATION If your signature has changed as you age, provide your bank with a new “signature card” so that they have an accurate reference Pay for services and larger purchases with checks, credit or cashiers checks, NOT with cash When sending money as a gift, consider sending a gift card or prepaid credit card instead of sending a check. The card will not contain your personal information When traveling, going to a crowded community event or making purchases online, consider using a bank issued prepaid credit card Consider using a neck pouch or fanny pack instead of carrying a purse, and secure wallets in a front pants pocket ALWAYS review credit card and bank statements and report any questionable activities immediately Meet with a professional to do end of life and estate planning Establish a charitable giving plan and stick to it If you suspect financial abuse is taking place, REPORT it to the police immediately C o d y P o l i c e D e p a r t m e n t P a g e 4 Wyoming Consumer Protection Unit Toll Free: [PHONE REDACTED] Phone: [PHONE REDACTED] Fax: [PHONE REDACTED] Email: [EMAIL REDACTED] Cody Police Department [PHONE REDACTED]