What Is Elder Financial Abuse?
Elder financial abuse is when someone illegally accesses a senior’s funds, property, or assets to benefit themselves.
How Common Is It?
In our highly digital age, elders are being financially abused now more than ever. In fact, up to five million older Americans1 are abused every year. Elder financial fraud is so common that some are even calling it a public health crisis.
Preventing Elder Financial Abuse - Infographic
5 Tips To Prevent Elder Financial Abuse:
1. Use Strong Passwords
Change your passwords every few months, and remember to use passwords with a combination of letters, numerals, and symbols that are difficult to guess. Tip: don't use your own name in your password for security reasons.
2. Keep Your Passwords Private
Perpetrators of elder financial abuse may be close family or friends which is why it's important to keep your information safe by not sharing your passwords with anyone.
3. Report Missing Or Stolen Credit Or Debit Cards
Be sure to contact your financial institution the moment you notice that any of your account information or cards are missing. They can freeze your account and put an alert on usage to prevent a fraudster from taking any of your money.
4. Don't Let Anyone Use Any Of Your Mobile Devices
Information can be stolen from computers by using saved passwords or through more advanced methods, such as a computer virus. To prevent your information from being taken advantage of, make sure you are the only person who uses your mobile devices.
5. Be Cautious When Using Public Internet Connections
Only use websites that start with “https://” because this indicates that you are on a secure site.
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