Protecting a loved one from financial abuse

Caring for a loved one with dementia involves many responsibilities, including protecting them from financial abuse. People with dementia are particularly vulnerable to scams and fraud. Here are some straightforward steps to help safeguard their finances:

Monitor bank accounts and credit cards

Regularly check your loved one’s bank and credit card statements for unusual transactions. Look out for large withdrawals, frequent cashpoint use, or unfamiliar charges. Contact the bank immediately if you notice anything suspicious. 

Set up alerts

Most banks offer alert services. Set up email or text alerts to notify you of large withdrawals or unusual account activity.

Use direct debits for bills

Set up direct debits for regular bills. This ensures bills are paid on time and reduces the risk of missed payments or late fees.

Simplify finances

Limit the number of bank accounts and credit cards your loved one has. Keeping their finances simple makes it easier to monitor and reduces the risk of misuse.

Secure important documents

Keep important documents like bank statements, social security information, and wills in a safe place. Ensure only trusted individuals have access.

Get a Lasting Power of Attorney

A Lasting Power of Attorney allows you to manage your loved one’s finances legally. It can help you protect their assets and make financial decisions on their behalf.

Educate them about scams

Talk to your loved one about common scams. Encourage them not to share personal information over the phone or online and to be wary of unsolicited offers.

Involve trusted family members

Keep close family members informed about your loved one’s financial situation. More eyes on their finances can help spot and prevent potential abuse.