12 Ways to Identify Financial Abuse Against Seniors

January 19, 2021 · Retirement Life

A senior man sitting alone by a window looking at a phone. — An elderly man sits alone by a window, highlighting the isolation that makes seniors vulnerable to abuse.

Keep your credit information to yourself

Another red flag of possible financial abuse is when your credit card information is used by someone to open credit card accounts, take loans from the bank or purchase expensive items. One way to get access to your credit card information is by asking you to become a co-applicant, which requires you to fill in a co-signer application. In other cases, they might just fake your handwriting and signature.

Needless to say, every loan with your name on it can affect your credit score and prevent you from making other loans when you need it the most. Speaking of fakes and scams, check out these 9 Biggest Online Scams You Might Fall Victim To, that target vulnerable groups, in particular.

A past due notice on a kitchen counter. — A stack of mail with a red past due stamp sits next to a cup of tea.

Be careful with investment opportunities

When something seems too good to be true, it probably is. Therefore, if someone comes up to you with an investment offer you can’t refuse, it’s best that you do just that….refuse it; or at least proceed with caution and look into it before giving them your hard-earned money.

There’s a reason why other investors are not interested in these investments. Such “unrefutable” offers can leave you broke while making the financial abusers rich.

You might also want to find out more about these 10 Dangerous Myths That Could Leave You Broke in Retirement.