Simple steps to protect against elder financial abuse
Financial abuse of elders comes in many different forms - often from a close family member or friend impatient to receive their inheritance.
Paired with the increase in debilitating mental illness and impairment amongst Australians, more and more people have become susceptible to financial abuse.
The Australian Banking Association (ABA) have outlined some simple steps you can use to protect yourself against elder financial abuse -
1. Always protect your bank and financial cards, cheques and other important documents.
2. Never hand over a PIN or password to anyone.
3. If someone asks for money, discuss it first with a trust family member or friend.
4. Put in place arrangements, like power of attorney, for how your money and property will be handled if something happens to you or you can no longer communicate your wishes effectively.
5. Always read contracts and other documents carefully and never sign anything under duress, seek legal advice when in doubt or contact police if you think you are being abused.
If you are concerned that you or someone you know is susceptible to elder abuse, please contact our office to discuss options on (03) 9311 8911.