Member Education & Consumer Tips
Financial Abuse
A Growing Concern Among Elders
What is financial abuse? According to the California State Welfare and Institutions Code, financial abuse is a "situation in which a person, including but not limited to, one who has care or custody of, or who stands in a position of trust, of an elder or dependent adult, takes, secretes, or appropriates their money or property to any wrongful use or with the intent to defraud." Experts say financial elder abuse will be the "crime of the century" as the population ages and criminals target the growing assets of elders. An estimated 225,000 seniors are abused each year in California; approximately 30% of which involve financial exploitation.
How Financial Abuse Can Occur
- Stolen ATM, Debit and/or Credit cards by caregivers or family members
- Deceiving an elderly person to sign loan papers or withdrawal slips
- Abuse of "power of attorney" authorizations
- Telemarketing and sweepstakes/lottery scams
- Investment fraud
- Predatory lending
- Identity theft
Take Charge
- Trust your instincts-if something sounds too good to be true, it probably is.
- If someone close to you is trying to take control of your finances, speak to someone you trust or call your local Adult Protective Services.
- Check references and credentials of anyone who wants to do work in your home.
- Build a relationship with your financial institution. They can be on the lookout for suspicious activity related to your account(s).
- Consult a financial advisor or attorney before signing any documents you don't understand.
- Never let yourself get rushed into a deal. Ask for details in writing.
- Pay with checks or credit cards rather than cash to create a paper trail.
- Feel free to say "no". After all, it's your money.
The financial well being of our Members is a priority at RCU. We urge Members of all ages to take steps to prevent becoming a victim of financial abuse by contacting such resources as:
- CA Community Partnership for the Prevention of Financial Abuse (CCPPFA)
(415) 258-9111 ~ http://www.bewiseonline.org/ - American Association of Retired Persons (AARP)
(800) 424-3410 ~ http://www.aarp.org/
