Page 27 - Leisure Living Magazine June 2019

Financial Fraud
Affecting The Elderly
By Theresa Bowen, Ph.D., Email - theesajb@gmail.com
Ohio seniors lose more than 800 million dol- lars a year from scammers. Many go unreported because people are embarrassed they fell for a scam. The Better Business Bureau (BBB) advis- es us that the first two days are critical to getting your money back or not. They provide a real time anonymous scam tracker at bbb.org where you can report or search for scams online. You may also call them at (419) 531-3116 or 800-743-4222. Adult Protective Services (APS) investigates more cases of financial abuse than physical abuse ev- ery year. Our Justice Department is also target- ing scams against older people over 60 because we are vulnerable and may not ever recover from the financial losses. The Justice Department and law enforcement have prosecuted more than 260 criminal and civil charges in the past year against phone scammers.
Financial abuse is a crime that robs older adults from their assets and their independence. Caregivers or anyone that perceives signs of theft, fraud, misuse of an elder person’s assets or credit should be on alert. Some criminals use excessive influence to gain control of an elder person’s mon- ey or property. Seniors with disabilities or cogni- tive impairment that rely on others are also highly susceptible to scams and fraud. Some red flags to watch for may be unusual activity in the bank account like huge withdrawals or even frequent withdrawals that can’t be explained. Suspicious signatures on checks, closing accounts without regard for penalties, or checks written as loans or gifts can also be a warning sign. Loss of property, altered wills, or new powers of attorney the loved one does not understand can be indications of a perpetrator. The key to spotting financial abuse is any change that occurs in a loved one’s regular financial patterns. If you suspect financial abuse try to determine exactly what is happening with your loved one’s financial situation and report the abuse to their bank while procuring the bank to help and stop it. Next contact Adult Protective Services and report any suspected exploitation so they can investigate. At the state level in Ohio you can call 1-855-644-6277 toll-free 24/7. Adult Pro- tective Services is supervised by Job and Family
Services at the county and the state level. Also you can report all instances of elder financial fraud or abuse to your local law enforcement.
If you are a senior enjoying your indepen- dence you can protect yourself by shredding im- portant documents before throwing them away. It is also helpful to check your credit report once a year. Many credit card companies and banks now offer a free credit check or a yearly report of your credit. Never pay a fee or taxes for a sweep- stakes winning and check references and creden- tials before hiring anyone. If workers are coming to your home to make repairs have important financial documents in a safe place so workers don’t have access to your financial identity. If you pay with checks and credit cards instead of cash you will have a paper trail of your expenses that will help investigators if needed. Remember to always feel free to say “No” because it is your money.
If you are a victim of financial abuse talk to a trusted family member, officer at your bank, doctor, clergy or anyone that has your best inter- ests at heart. Contact Adult Protective Services in your state and local police to file a complaint/ report. Reporting your situation may prevent another person from being financially exploited as well.
The “Shred for Safety” program takes place at the Fremont Federal Credit Union in Port Clinton on June 20, 2019 from 4-6PM. You may bring in 5 bags of financial documents for free shredding on site. For more information call 419.573.6310.
Friday, June 14
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