Security for the Elderly

Wednesday 9/13/2017
Banking Safety and Security Guidebook for the Elderly, Disadvantaged and Handicapped
Elder financial exploitation is expected to grow in the coming years. We, at Saman Bank, believe that financial security is a key to a long and healthy life. We are determined to help you improve your financial security. The following advice will help you identify fraudulent acts and take action when you fall a victim to a financial exploitation.

►New friends and acquaintances
Consider how you have made friends and he or she has become involved with your life? Consider what benefits your friendship can bring him or her? Find out about where he or she is from, and his or her job, family and friends. Disguised as friend, a criminal makes you trust him or her more as time passes. You may ask him or her to do your groceries shopping, or cash your checks and your never notice a mistake or misdeed but you have to know that you have revealed your financial information to this friend of yours who can easily take advantage of your financial resources. You may have been emotionally feeling attached to your friend who has been a great help to you recently but now has started making unreasonable demands in form of direct or indirect threats of leaving you. If you are physically in need, plan in advance, to reach for paid help from official sources and diminish the risk of being a victim of a fraud.
Avoid Friendship Made On Need and Attachment

►Family members
Their family members mostly do financial exploitations against the elderly, handicapped, or disadvantaged. Legally authorized to take action on your behalf, a family member can commit a fraud against you.
  • Never confide entirely in a single person and never make yourself susceptible by giving a single person the total right to control your financial resources.
  • You have to think ahead and plan in advance.
  • Employ a lawyer to take care of your financial resources. Seamless contracts can ensure security and safety of your financial life. Talk to a lawyer and take advice on how to set up a power of attorney. Do not forget to give us a copy of the power of attorney letter you draw up accordingly. Make sure Saman knows about the latest changes to your power of attorney.
  • Sign your checks yourself and do not give out blank checks.
  • Take precautions when signing. Read thoroughly any paper you want to sign and ask questions and for accurate answers. If you are not satisfied with the answers consult with your lawyer.
  • Ask more than one person to help you with your financial resources to make sure you know all the aspects of the matter. We are there to help you with your inquiries.
  • If you hire a care worker ask your lawyer to set up a written contract.
  • Ask your lawyer to have your financial instructions written and evaluated.
  • Tell your confidents that you have your instructions written and kept safe. Your lawyer can help your more effectively with this part.

►Contractors, Businessmen, Owners and Etc.
The elderly sometimes pay more for goods and services, which may never be provided. It is not unusual that a contractor asks for more money than the amount agreed upon before the work began, or an owner illegally increases the rent amount. Sometimes you cancel an order but companies insist on selling you their products by delivering their goods at your home without your consent.
  • Beware and learn how frauds are committed in real life or online.
  • Read agreement forms carefully.
  • Cancel services you never asked for.
  • Ask for legal work permission from contractors you want to hire.
  • Never pay the total amount before the completion of work.
  • In case of any change to services you receive or the rent you pay, ask for a written record. Written and official papers protect you against frauds, as criminals do not want to leave a sign or witness to make them troubles.
  • Ask your communication company to take your name and telephone numbers off the list of the numbers advertising and marketing companies can reach. Never trust phone or online marketing as they just bombard you with unneeded information to talk you into buying their product or service.

►What Can You Do When You Suspect an Elder, Disadvantaged, or handicapped Financial Exploitation?
The elderly feels embarrassed or betrayed when they find out they have been a victim of a fraud; more seriously when the perpetrator is a family member. Fear and shame have been known as the two main factors of inhibition among such victims from reporting the crime. Legal matters know no family so you have to be wise and ask for legal protection and support when:
  • You are in physical danger. Call 110.
  • You have noticed your attorney has taken illegal action against your financial resources. Call your bank and visit your banker in person as soon as possible. You can gather information immediately to accelerate legal proceedings. You are highly recommended:
  • To collect information by obtaining your official documents and papers showing who has legal access to your financial resources. Determine precisely how their legal access has been defined in the letter of attorney.
  • To report your regular income and costs, which help investigators to notice suspicious interactions immediately.
  • To compare your bank records and financial statements and seek unusual deductions.
►For Further Info
  • Contact Saman Bank’s Inspection Division at 021-23095401
  • Email us at CCO@sb24.com
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