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Safeguarding

If I do have dementia, how can I protect myself financially?

Keep your money safe from those who might want to take advantage

Unfortunately, we live in a world where people with bad intentions are working hard to access other people’s hard-earned cash – and the methods they use are clever.

Many fall prey to their tricks, but if you suspect you’re living with dementia it can be hard to manage your finances. And this can make you vulnerable to scammers.

But there are things you can do to help keep your money safe.

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Ask loved ones for help

Ask trusted loved ones for help managing your finances. Be open and honest about what help you think you might need managing your money, both now and in the future. Think about giving two people you really trust Power of Attorney so they can share the tasks evenly and you won’t rely solely on one person.

They can then help you by keeping an eye on your bank statements and being alert to any suspicious activity. They can set up alerts on their phone which will tell them if large amounts of cash are taken out unexpectedly.

Limit the amount of cash you withdraw

The more cash you have, the more vulnerable you are to people who want to take it away from you. From pickpockets to people posing as needing help – or simply losing a purse or wallet or forgetting to take cash out of the cash machine… there are many ways to lose cash, and it’s not traceable. Try to only take out what you need from the bank.

Prevent unwanted/nuisance calls

Telephone scams are rife and even the savviest of people full prey to them. It’s best to:

  • Screen all calls and only answer the phone if it’s someone who’s in your contacts list as it’s common for scammers to convince people to share their banking details.

  • If you’re being told that the caller is from your bank or building society put the phone down. Call the telephone number on the back of your bank card or dial 159 to be put through to your bank securely

  • If you use a landline, sign up to the Telephone Preference System, which helps to screen out suspicious calls or people trying to sell you goods and services you don’t need. You could also buy a phone with a call blocking function.

  • Age UK also has some really useful tips on preventing phone fraud

Don’t open the door to anyone you don’t know

If you have callers at the door, don’t open the door to anyone you don’t know and never give out financial information, hand over cash or agree to having works carried out on the spot.

If you decide to go for a dementia assessment and find out that you are living with dementia, apply for an assessment carried out by your local council. You might find that you’re eligible for security measures to be put in place for you.

Dealing with post

  • Been sent an offer in the post you can’t ignore because it sounds almost too good to be true? It probably is – ignore it.

  • Don’t call a premium rate number – for example, numbers that start with 09 can cost £4 per minute.

  • Charities often send out fundraising letters designed to make you feel like you should make a donation. However, it can be easy to forget how much you’re donating and you might find that this leaves you short of money every month. Ask someone you trust before agreeing to make regular payments or giving out your bank details.

  • When you’re dealing with post make sure that you destroy documents containing sensitive information – ideally, by shredding. This will prevent identity theft and criminals taking out loans or buying goods or services in your name.

  • Reduce the amount of junk mail you receive by signing up to the Mailing Preference Service

Be wary of emails and messages

One of the most common ways for criminals to gain access to your money is via a phishing email. This when fraudsters pose as banks, companies and well-known organisations pretending to be them to gain access to your money. They are often very convincing, but banks and financial institutions will not ask you to click on a link.

If in doubt, call the company on the official number (not one provided in the email or text). Ask a loved one to help you find the correct number.

If you receive a suspicious text forward it to 7726 to flag it with your mobile phone provider.

Another way of getting to your money is via text or online messages (e.g. WhatsApp). Criminals pretend to be a loved one in need asking for you to transfer money to them urgently having lost their phone, or similar. Always double check with the person you know and let a loved one know what’s happened.

Don’t keep suspicious activity to yourself

If you’re unfortunate enough to fall victim to fraud or theft – or suspect you’re about to be – don’t stay silent. There’s nothing to be embarrassed about. Speak to a loved one and report it.

For online or telephone fraud contact Action Fraud on 0300 123 2040. They have some great advice on keeping yourself safe from scammers.

If you’re worried about cold callers or door-step salesmen call Citizens Advice on 0808 223 1133 or contact Trading Standards


Share tips on keeping your money safe on our dementia discussion forum here