Your Financial Future:
Scams And Frauds To Look Out For
Smart saving and investing means knowing how to avoid financial scams. Educate yourself about the dangers of predatory lending and financial abuse.
What is Financial Abuse?
Financial abuse is one of the fastest growing forms of elder abuse and takes many forms. It occurs when someone takes money that should have been spent for the elderly person. Financial abuse sometimes goes unreported because the perpetrator is a family member or "friend."
Types of Financial Exploitation
- Misuse of credit cards, ATM cards or joint bank accounts;
- Mismanagement of income/assets;
- Cashing checks without authorization;
- Abuse of Durable Power of Attorney;
- Appropriation or theft of benefit or pension checks;
- Transfer of assets under duress;
- Obtaining money or possessions by threat, force, deceit or trickery;
- "Loan checks" sent by Credit Card Company that are stolen and forged by others. Always tear them up if you don't plan to use them. They are also treated as cash and carry a higher rate of interest than a charged item.
Check out WISER's Financial Elder Abuse Resources section for more tips, toolkits, fact sheets and information.