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.
Think about signing up to a service like Sibstar which is designed specifically for people living with dementia to help you manage your everyday spending securely and prevent you falling prey to scammers.
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.
Be cautious: 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
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.
Read Age UK’s really useful tips on preventing phone fraud here
Don’t open the door to anyone you don’t know
When you have dementia you’re more vulnerable to cold callers and rogue traders. 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.
Apply for a free home assessment Dementia Friendly Home carried out by your local council to see if they can provide security measures 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, when you’re living with dementia it’s 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 you agree to make regular payments by 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 here
–Read more about setting up a Power of Attorney here
–Discover more tips about keeping your money safe on the Age UK website here
–Share tips on keeping your money safe here
Sources
https://www.alzheimers.org.uk/blog/financial-scams-dementia-safety-advice
https://www.ageuk.org.uk/information-advice/money-legal/scams-fraud/