Fundamentals of Corrosion

Summary of "Preventative Measures Consumer Advisory"

Key Points

• Elder Financial Exploitation: Increasing in Colorado and nationwide, with elders targeted due to easier access to banks and credit unions.
• Proactive Measures by Financial Institutions: Banks and credit unions are enhancing training to recognize, detect, and report fraud. They are also employing fraud detection technology to track suspicious activities.

Consumer Preventative Strategies

1. Caution with Financial Information: Be wary of sharing financial details over the phone or internet.
2. Avoid Wiring Money to Strangers: Irrespective of the circumstances.
3. Regular Account Review: Monthly check of financial statements for discrepancies.
4. Annual Credit Report Monitoring.
5. Enlist Trusted Help: For bill payments and routine financial tasks.
6. Joint Account Risks: Understand the equal access and ownership in joint accounts.
7. Power of Attorney: Grant only to a completely trusted individual.
8. Real Estate Transactions: Consult an attorney before making any changes.
9. Paperwork Security: Use a shredder for sensitive documents.
10. Beware of Scams: Recognize illegal schemes and fraudulent contests.

Conclusion

• Vigilance and informed actions can significantly reduce the risk of becoming a victim of financial fraud or exploitation.