Tips to prevent elder financial abuse
by Halei Lamb | February 8, 2018 2:49 pm
From your friends at Spivey State Bank, a Division of Persons Banking Company.
Elder financial abuse remains a growing problem in the United States. Various studies in the past few years put the range at somewhere between $2.9 billion and as high as $36.5 billion.
It’s important for consumers and banks to be aware of the warning signs and to take action to protect our seniors and their money.
Bank employees are trained to notice red flags like unusual recent withdrawals or a new person accompanying older customers to the bank—behaviors that may identify whether or not a customer is vulnerable or currently a victim of financial abuse. In Georgia, bankers and employees of other financial services companies are also required to report suspected financial elder abuse to the Georgia Department of Human Services’ Adult Protective Services division.
Here are some tips consumers can follow to help seniors safeguard their money:
• Keep personal information private. Never share…
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