The Ongoing Fight Against Senior Fraud
Every year our elderly Americans lose around $36.5 billion to financial fraud. Individuals who are elderly or facing cognitive challenges can be extremely vulnerable to senior fraud.
Criminals contact the elderly victim under the false pretense of helping them in some way but obviously have other motives.
As we see our elderly population grow year after year, also so does the number of senior fraud cases.
In 2017, the Financial Industry Regulatory Authority proposed new rules to address the financial exploitation of seniors. These rules officially went into effect on Feb. 5 2018.
The new rules, which were approved by the Securities and Exchange Commission, are as follows:
- Financial firms will be required to do their due diligence in obtaining the name and contact information of a trusted contact person for an elderly customers account
- Financial firms will be allowed to put a temporary hold on a disbursement of funds or securities when there is reasonable evidence of senior fraud
It is a good idea, far sooner than you than you think you need it, to have a family discussion regarding roles and responsibilities surrounding your elderly parent’s affairs. Knowing who is responsible for managing the finances and what financial professionals are in place can really help limit the opportunity for anyone to take advantage. Whether it be family, friend or stranger.
Also, having these family talks early, can ensure that all important documents, like a living will, power of attorney and health care directives are all taken care of.
Professional Financial Team
When meeting with your financial advisor’s, make sure to ask them how well prepared they are to recognize any suspected elderly financial abuse.
Have them show you what training they have completed to be able to recognize the warning signs. The bottom line is that you have to know that the financial firm that you are working with is capable and also willing to deal with any problem that might come up.
You also have to check out your teams background for any red flags to make sure that they are not someone who might take advantage of a senior client.
When you meet with your financial advisors, make sure that they provide a form to fill out that will identify who the trusted contact is. If they don’t provide one, you should. This form should give them permission to provide any details to the contact person. Never assume that your firm will know who the trusted contact is.
Also it is a good idea to have a meeting with the financial firm to introduce the trusted contact. This will avoid any confusion down the line if any thing should happen.
How Golden Heart Senior Care Southern Utah can help: We are here to assist with you with taking care of your elderly loved one with in-home care. We can advocate your rights with health care providers and insurance providers. Any caregiver who enters your home goes through our process of background checks, drug testing, interviews, and references. Reference our respite care page to learn about short term care. We are also licensed and bonded. Please refer to our Senior Advocacy page for more information. If you would like Golden Heart Senior Care Southern Utah to advocate for you and your loved one, please call us at (435) 669-3704.
The Golden Heart Promise: We will provide excellent care to our valued Clients, advocate for their rights, and personify the compassion of a Golden Heart. Golden Heart Senior Care Southern Utah, St. George, Cedar City would be happy to assist you or your loved one with in-home care. Please contact us today at (435) 669-3704 for more information on how we can help.
You’re in Caring Hands With Golden Heart Senior Care Southern Utah.