May 5th, 2010 
Kevin Clark 
Taking steps to protect their mothers’s finances from fraud is one way to do this, according to a recent release from the National Association of Professional Geriatric Caregivers. The organization offered advice to protect individuals approaching retirement from financial exploitation.
“Both the demands of caregiving and the needs of the elder – who might be separated from family by distance – can create situations in which financial abuse is more likely to occur,” Linda Fodrini-Johnson, president of the NAPCGM, said. “We can help reduce that risk by monitoring the senior’s financial and physical well-being and alerting family to any problems that may arise.”
One way to do this is to review their bank statements, according to the report. This may include keeping an eye out for any credit card charges or ATM withdrawals that are notably inconsistent with the individual’s spending habits.
Consumers should also be wary of any new friends or caregivers who have paid special attention to their mother’s finances. This may indicate efforts to target heirlooms or savings, according to the report. It can also be useful to help mothers with their financial transactions to prevent them from inadvertently giving personal information to scammers or signing away part of their deeds.
Mothers with special needs are increasingly vulnerable to fraud, according to the report, and may require heightened protection.
The Federal Trade Commission has also released an animated electronic card to help consumers honor Mother’s Day by offering security advice. Tips include checking bank statements, notifying the FTC of fraud and being cautious of telephone and email offers and are available in English and Spanish.
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Tags: Finances, Finances Fraud