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Protecting our Elderly from
Financial Exploiters |
| From reading the
newspaper or watching television, we often hear of one of the most disturbing
events in our society--that of an elderly person being victimized by a scam
artist. The elderly are often taken advantage of and become easy targets
for financial exploitation. The U.S. Public Interest Research Group, a
private consumer advocacy organization, estimates that the identities of 40,000
people a year are hijacked by thieves who use addresses, dates of birth, and
other crumbs of information to raid accounts held by the elderly. Losses
from these types of thefts total in the billions annually. Here are some
loss prevention tips that perhaps you could use yourself, or pass on to elderly
parents or neighbors: |
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Do not give confidential information to anyone over the
telephone. Do not disclose account numbers, Social Security numbers,
assets, etc. |
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Be cautious of solicitation calls for investments, purchases,
insurance, charities, etc. Only enter into contracts or agreements
that you initiate. |
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Do not hire individuals who come door-to-door offering to do odd
jobs or services such as clean up, lawn services, driveway sealing, or home
repairs. |
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Do not lend money to anyone you do not know personally. Be
cautious of anyone who is constantly asking to borrow money, even if the person
is a family member. |
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Door-to-door salesmen can be very persuasive. Do not allow
them inside your home. If you are threatened, call the police.
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Don't sign anything or enter into any contract that you do not
clearly understand. |
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If you need assistance writing checks, do not sign a check until
all information is completed and meets your approval. Do not sign a blank
check. |
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Financial institution employees, including this credit union's
staff, or law enforcement personnel will never request that you withdraw funds
or write checks to assist in an investigation. If you receive any such
requests, call the local law enforcement agency.
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There are strict laws to protect victims of financial
exploitation. Your credit union works closely with law enforcement
investigations of exploitation. Do not hesitate to call you local police
department or call us if you believe you are being financial abused. |
| Many thanks for this
article go to Member One Federal Credit Union, Roanoke, VA. |
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