Pub. 7 2017-2018 Issue 6
O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S May • June 2018 19 E very year, millions of seniors fall victim to financial fraud. Studies show elder financial abuse costs seniors approximately $2.9 billion each year. In recognition of World Elder Abuse Awareness Day on June 15, CBA and its members are urging older customers and their trusted caregivers to safeguard all personal information and stay alert to the common signs of financial abuse. “Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that re- quire them to relymore heavily on others for help,” said Don Childears, president and CEO of the Colorado Bankers Association “Appointing someone you know and trust to handle your financial matters aids tremendously in the fight against these crimes.” CBA is offering the following tips: • Plan ahead to protect your assets and to ensure your wishes are followed. Talk to someone at your financial insti - tution, an attorney, or financial advisor about the best options for you. • Carefully choose a trustworthy person to act as your agent in all estate-planning matters. • Lock up your checkbook, ac- count statements and other sen- sitive information when others will be in your home. • Never give personal information, including Social Security Num- ber, account number or other financial information to anyone over the phone unless you initi- ated the call and the other party is trusted. • Never pay a fee or taxes to collect sweepstakes or lottery “win- nings.” • Never rush into a financial deci - sion. Ask for details in writing and get a second opinion. • Consult with a financial advisor or attorney before signing any document you don’t understand. CBA Recognizes World Elder Abuse Awareness Day 14 Tips for Stopping Elder Financial Abuse in its Tracks BY COLORADO BANKERS ASSOCIATION
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