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With the rise in elder financial abuse crimes, the Consumer Financial Protection Bureau recommends certain steps consumers can take to protect their accounts.
- Provide your financial institution with a consent to share account information with a designated trusted third party in situations where the financial institution believes that elder financial exploitation is occurring.
- Plan for possible incapacity. Name a trusted person to serve as agent under power of attorney or other designation to act in your best interest.
- Consider placing cash withdrawal limits or alerts for specified activity on your accounts.
- Provide account access via eBanking to a trusted third party so they can monitor your account activity for any unusual transactions.
- Consider establishing convenience (or spending) accounts with limited funds while protecting major funds in separate accounts with more restricted access. Reloadable debit cards could also be used with a set amount added to the card for routine living expenses.
The Federal Trade Commission (FTC) has more information on how to spot the most recent scams.
The Department of Agriculture, Trade and Consumer Protection offers a Wisconsin Senior Guide PDF that includes a summary of common consumer protection issues facing senior citizens in Wisconsin. The guide includes resolving issues with an auto mechanic or a home improvement contractor, to avoiding potential scams and identity theft.
The FDIC has more information on topics like:
To help safe guard your accounts at AbbyBank, talk to a Personal Banker.