In an age where the internet and digital media are present in every aspect of our lives, it is easy for the aging population to fall victim to a scam or some other form of financial abuse. However there are a number of private organisations who are trying to address the issue.
Be mindful of internet transactions
Banking institutions are offering pamphlets so that their customers are informed of the steps they should take to protect their online accounts. For example, making sure no one else has access to the account and the authority to do transactions such as withdrawals.
The banks aim is to support their aging customers, especially those who suspect they have been victims of financial abuse and to help them solve this problem.
Financial abuse starts from those close to us
Experts on the sector of Aged welfare as well as bank higher-ups agree that financial institution often starts from someone we trust. For example a person who is legally entitled to act as our proxy. The victims of such abuse often are no longer working or are isolated and their families lack the time to help with their issues.
For this reason, it is useful for people to inquire their banks and other services about these issues and to ask for the pamphlets they hand out. These handouts can act as guides that list cases that can be considered to be financial abuse. They also list ways in which customers can make the right decisions when handling their money and to access the support they need.
The number of elderly people that fall victims of financial abuse keeps climbing while the authorities keep offering the same advice.
It is vital that the elderly are in a position to recognize the signs of financial abuse and can ask for help if they feel threatened.
It’s not just about the money
It should be noted that besides the impact of an aged person’s finances, such an abuse can also have tremendous consequences to their health, such as stress and depression. This can impede them from taking care of their selves, as they might not be able to buy the proper food, a safe house or to gain access to the necessary medical care.
There is no shame in asking for the help of an interpreter when we go to institutions and services if we feel we lack a solid grasp of the English language.
