How to avoid financial exploitation
There are steps that can be taken to reduce the risk of financial exploitation.
- Have your pension income deposited directly to your financial institution.
- Keep only a small amount of money in the house.
- Be discreet when discussing your projects, property and valuables.
- Make sure you fully understand any document before you sign it.
- Never give the personal identification number (PIN) assigned to your ATM card to anyone.
- Have an IOU made up and signed before a witness before finalizing a loan to a third person.
- Make a will and get the advice of a competent person to ensure it is written correctly.
- Designate a reliable person to make decisions on your behalf in the event you become unable to manage your own affairs with a Mandate in Case of Incapacity.
- Keep abreast of your finances and make the decisions regarding your own affairs.
- Reduce your withdrawal limits and transfer a portion of your assets to a savings account.
Most importantly, be cautious if someone close to you asks you for money or promises to take care of you in return for your house.
If you are a family member or a close friend
- Stay in close contact with the elderly person.
- Don't hesitate to discuss the choice of the person who will be responsible for his or her finances in the event of incapacity.
- Stay vigilant and, if you suspect anything, offer assistance or information about financial exploitation.
- Above all, always act in accordance with the elderly person's wishes and with respect for his or her right to secrecy and privacy.
