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 Department of Agriculture, Trade and Consumer Protection offers a Wisconsin Senior Guide 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.