Due to the coronavirus pandemic, the social isolation of many older adults is greater than ever today, making them more likely to become victims of financial scams. The financial exploitation of seniors goes far beyond unknown scammers bombarding them with robocalls and phishing emails. According to the National Association for Adult Protective Services, the “vast majority” of reports their agencies receive involve people known to the victim, including family members, caregivers, neighbors and friends.
Financial abuse can range from stealing someone’s Social Security check to falsifying financial documents to steal cash, jewelry and other assets. The National Council on Aging estimates that these financial frauds cost seniors a minimum of $36.5 billion per year.
Here are some companies that protect older adults from financial fraud and abuse.
Elder Abuse Prevention Ontario, known as EAPO, is awesome at helping older adults prevent themselves from financial abuse or fraud. EAPO is a provincial organization located in Ontario that prevents elder abuse. Its mission is to generate an Ontario that is completely free from abuse for all older adults. It provides support to older adults affected by abuse, deliver training, foster public awareness and community building.
RBC Wealth Management is the major full-service wealth management organization in Canada. It delivers personalized wealth management solutions through several. The firm can help older adults gain peace of mind with a highly personalized approach to wealth planning and investment management that includes decisions such as retirement, lifestyle, legacy and financial abuse avoidance. Also, the firm can help older adults realize their unique financial goals with wealth planning services and disciplined investment counsel fully tailored to their unique needs.
When it comes to private banking, the firm can help seniors enjoy a highly personalized, award-winning private banking experience, which includes credit solutions and cash management, as well as access to its breadth of wealth planning services. It can also help the elderly protect and preserve their wealth today and for future generations with custom-made solutions for them and their families.
For decades, Canadians and Americans have relied the firm´s in-depth knowledge and experience in order to help them achieve their goals. Its customized approach includes top investment insights, dedicated support and proactive solutions from Canada’s main wealth management services team. As RBC Wealth Management clients, older adults can access a huge network of experienced legal, insurance, tax and accounting professionals who share their expertise to their unique needs. Every step of the way, it helps older adults make informed decisions based on their needs, with its insights and its analysis of factors and trends.
Carefull is another awesome firm. Its service Carefull Guard helps older adults keep their money fully organized and protected. It provides a second set of eyes which is always working to catch and alert older adults in case there is any sort of unusual activity, regular mistakes and fraud, which could lead to potential trouble. It also allows seniors to easily coordinate with their loved ones by adding them to their own and tailored trusted Circle for free.
Another fantastic service provided by the firm is Carefull ID, which allows seniors to get full fraud and credit awesome protection. The firm monitors essentially every corner of the Internet world in order to identify any data misusage, backed by recovery tools such as a million-dollar identity theft insurance, credit freezing, lost wallet assistance, live restoration assistance and junk mail opt-out.
Last but not least, Carefull Vault is the safest place when it comes to organizing those documents and passwords that really matter. It functions as a digital safety deposit box, which allows the senior person to use the password manager to generate really strong and safe passwords and store them in the safest way. It also allows them to adequately organize significant documents with only a few clicks. It even allows user to choose whether they want to share specific items with their Trusted Contacts.
All these companies are really helpful when it comes to protect older adults from fraud, scams and abuse. It is worth repeating that financial abuse is commonly performed from people known by the elderly, which is why these services and these companies are really helpful for them. Education and tools are very important for them.
