Recognize. React. Report. Caregivers help protect against financial exploitation

July 17, 2020

Learn how to defend the person you are caring for from potential financial scams.

 

When you are caring for someone, you have a responsibility to protect their interests. To shield them from financial fraud, you can assist in monitoring their financials and account activity. And in the case that they are targeted, you can work with the authorities and other entities to report their case.

 

Recognize: Your important role

As a financial caregiver, you have great responsibilities, whether you are actively managing accounts or just keeping a watchful eye.

The financial caregiver’s relationship often evolves as needs change:

  • Initially, responsibilities may include reviewing accounts or giving assistance with everyday financial matters. 
  • Responsibilities may increase if the person you are helping becomes ill or injured or has trouble managing money.
     

You are an important line of defense. As a trusted caregiver, you have a duty to act in the person’s best interest and can help detect potential fraud!

 

React: Build your knowledge and defenses

Be proactive:

  • Have periodic and open conversations about financial matters with the person you are helping.
  • Assist in setting up account alerts.
  • Help organize and store important documents in a safe but easily accessible location.
  • Carefully consider who has access to the person’s accounts.
  • Consider setting up a legal document clearly defining your duties, such as a Power of Attorney or Guardianship, and understand the responsibilities associated with that role.
  • Understand the risks of sharing access to accounts (joint ownership, sharing login credentials and sharing credit/debit cards can put both parties at risk and make it easier to be victimized).
  • Learn about common financial exploitation schemes and ploys.
  • Review options with financial institutions to help protect the person’s accounts.
     

Avoid financial exploitation:

  • If a previously uninvolved relative, caregiver or friend begins conducting financial transactions.
  • If there are abrupt changes in financial documents, such as a new power of attorney, a change to a joint account or a change in beneficiaries.
  • If there are transaction pattern changes, such as gaps in check numbers, increases in cash withdrawals, atypical ATM withdrawals or new spending patterns.
  • If there are uncharacteristic non-sufficient funds activity, overdrafts or lapses in bill payments.
  • If there are uncharacteristic requests to wire or send money.

 

Report: Who to contact

  • The police: Request a copy of the police report and case number.
  • U.S. Bank Fraud Liaison Center at 877-595-6256 (for U.S. Bank accounts).
  • Any of the three credit reporting agencies, Equifax, Experian, or TransUnion, to place a “fraud alert” on your credit file.
  • Your bank and/or credit card company.
  • Adult Protective Services (county or state).
  • The Federal Trade Commission's identity theft website or by calling 877-ID-THEFT (877-438-4338).
  • You can also find contact information at eldercare.gov or by calling 800-677-1116.

 

Learn more about how to protect against financial fraud.

Related content

6 things to know about long-term care insurance cost and benefits

Is your employer long term disability insurance enough?

What is Medicare? Understanding your coverage options

6 questions to ask before buying a new home

8 steps to take before you buy a home

What to know when buying a home with your significant other

Building a dream home that fits your life

Mortgage basics: How much house can you afford?

Mortgage basics: Finding the right home loan for you

Home buying myths: Realities of owning a home

5 financial goals for the new year

How I did it: Turned my side hustle into a full-time job

Retirement plan options for the self-employed

Checking and savings smarts: Make your accounts work harder for you

5 reasons why couples may have separate bank accounts

Dear Money Mentor: How do I pick a savings or checking account?

Common unexpected expenses and three ways to pay for them

It's possible: 7 tips for breaking the spending cycle

Myths vs. facts about savings account interest rates

Closing on a house checklist for buyers

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Don’t underestimate the importance of balancing your checking account

Which is better: Combining bank accounts before marriage — or after?

5 tips for parents opening a bank account for kids

8 steps to choosing a health insurance plan

Key milestone ages as you near and start retirement

How I did it: Bought a home without a 20 percent down payment

5 ways to maximize your garage sale profits 

What is a home equity line of credit (HELOC) and what can it be used for?

Year-end financial checklist

Pet ownership costs: planning for the unexpected

Housing market trends and relocation impact

Post-pandemic fraud prevention lessons for local governments

Fight the battle against payments fraud

Fraud prevention checklist

How to improve your business network security

Protecting cash balances with sweep vehicles

Changes in credit reporting and what it means for homebuyers

High-cost housing and down payment options in relocation

What corporate treasurers need to know about Virtual Account Management

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

5 steps to take before transitioning your business

How to test new business ideas

How to expand your business: Does a new location make sense?

Does your side business need a separate bank account?

Reviewing your beneficiaries: A 5-step guide

How to talk about money with your family

Comparing term vs. permanent life insurance

How much life insurance do I need?

How to keep your assets safe

What types of agency accounts are available for investors?

Checklist: 10 questions to ask your home inspector

What you need to know as the executor of an estate

Checklist: financial recovery after a natural disaster

Learn to spot and protect yourself from common student scams

7 ways to teach your children to be scam-savvy

How to prevent fraud

How to avoid student loan scams

Protecting elderly parents’ finances: 6 steps to follow when managing their money

4 ways to outsmart your smart device

How to spot an online scam

Money muling 101: Recognizing and avoiding this increasingly common scam

What you need to know about identity theft

What is financial fraud?

From LLC to S-corp: Choosing a small business entity

5 tips for seniors to stay a step ahead of schemers

Recognize. React. Report. Don't fall victim to financial exploitation

Recognize. React. Report. Caregivers can help protect against financial exploitation

Webinar: U.S. Bank asks: Are you safe from fraud?

Is online banking safe?

How-to guide: What to do if your identity is stolen

How you can prevent identity theft

8 tips and tricks for creating and remembering your PIN

Pros and cons of a personal line credit

3 tips for saving money when moving to a new home

Is raising backyard chickens a good idea financially?

Planning self-care moments that matter (and how to finance them)

Does your savings plan match your lifestyle?

Mobile banking tips for smarter and safer online banking

Adulting 101: How to make a budget plan

You can take these 18 budgeting tips straight to the bank

Save time and money with automatic bill pay

Do you and your fiancé have compatible financial goals?

Personal finance for teens can empower your child

How to save for a wedding

Here’s how to create a budget for yourself

9 simple ways to save

Money Moments: 3 smart financial strategies when caring for aging parents

First-timer’s guide to savings account alternatives

What’s in your emergency fund?

What you need to know about renting

Understanding guardianship and power of attorney in banking

Know your debt-to-income ratio

Overcoming high interest rates: Getting your homeownership goals back on track

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

How I did it: Bought my dream home using equity

Buying a home Q&A: What made three homeowners fall in love with their new home

House Hacks: How buying an investment property worked as my first home

Managing the impacts of appraisal gaps in a hot housing market

How I did it: Built living spaces to support my family

Spring cleaning checklist for your home: 5 budget-boosting tasks

Saving for a down payment: Where should I keep my money?

Your guide to breaking the rental cycle

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Uncover the cost: Building a home

The lowdown on 6 myths about buying a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

Money Moments: Tips for selling your home

Money Moments: How to finance a home addition

How I did it: My house remodel

Dear Money Mentor: When should I refinance a mortgage?

Beyond the mortgage: Other costs for homeowners

10 ways to increase your home’s curb appeal

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

What is an escrow account? Do I have one?

Is it the right time to refinance your mortgage?

These small home improvement projects offer big returns on investment

Should you get a home equity loan or a home equity line of credit?

Is a home equity line of credit (HELOC) right for you?

How to use your home equity to finance home improvements

How do I prequalify for a mortgage?

Home equity: Small ways to improve the value of your home

Can you take advantage of the dead equity in your home?

10 uses for a home equity loan

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.