From the Minnesota Bankers Association

The Minnesota Bankers Association (MBA) has again joined the national effort spotlighting the annual National Consumer Protection Week (NCPW), Feb. 6-12. For this yearís event, the MBA is focusing on the rise of financial exploitation of seniors and vulnerable adults.

Studies have shown that advanced age and social isolation are substantial factors predicting the risk of a senior being victimized. In Minnesota, the number of seniors living alone is growing. Currently, one in three Minnesota seniorsí lives alone. These numbers are expected to double by the year 2030.

Financial exploitation is one of the most common types of elder abuse in the U.S. Each year, dishonest caregivers, con artists and even family members take millions of dollars from unsuspecting seniors. Often, such crimes are not reported because of the difficult situation they may present to the senior:

Seniors often do not report fraud because of the fear of being institutionalized after being a victim of fraud
ìMinnesota bankers are on the front-line of defense against fraud,î said MBA President/CEO, Joe Witt. ìBankers are sensitive to how fraud can impact seniors and vulnerable adults. They work with the appropriate authorities to address activity that negatively impacts their customers.î

The Minnesota Bankers Association is the stateís largest trade association devoted exclusively to the representation of commercial banks. The MBA was founded in 1889 and represents 98 percent of the nearly 500 banks in Minnesota.
Helpful tips for seniors

Financial exploitation occurs when someone makes unauthorized or fraudulent use of your money or other assets. The perpetrator can be a stranger, a neighbor, a caregiver, or a family member.

Financial exploitation is one of the most common types of senior abuse, but it often doesnít get reported to authorities.

Here are some simple steps you can take to protect your money and yourself.
Be alert
ï Monitor your financial accounts and immediately report any unusual transactions.
Never give out personal or financial information unless youíre absolutely sure whoís getting it and how it will be used.
ï Donít sign any document without first carefully reading it. You may also want to ask someone else you trust to review it.
ï Beware of anyone, whether a stranger or someone you know, who solicits money from you for a special deal or investment that promises unrealistic returns. If it sounds too good to be true, it probably is.
ï Sign your own checks. Donít sign a blank check and then allow another person to complete it, unless someone else you trust can witness it for you.
ï Add another personís name to your bank or insurance documents only when necessary and only after seeking legal advice. Be cautious about surrendering control of your finances.
ï Before agreeing to withdraw any large amount of money, seek trusted financial or legal advice. Any major transaction should have a written agreement that can be reviewed by trustworthy professionals.
ï Make a will and carefully consider all revisions before signing it.
ï Stay active and maintain regular social contacts outside your home. Social isolation increases your risk of being victimized.
ï Get to know your banker and establish a good relationship with the professionals who handle your money. They can watch out for any changes in your finances that may signal a problem.
Get help

If you suspect that you, or someone you know, may be a victim of financial exploitation, immediately contact your local police or your countyís adult protection agency.

Top of Page

©ECM Post Review

6448 Main Street
North Branch, MN 55056
Telephone: 651-674-7025
Fax: 651-674-7026
E-mail: editor.postreview@ecm-inc.com