A state law that took effect this month sets new standards to protect older adults from financial abuse.
At least 759 Texans aged 65 or older who resided at home were victims of exploitation by someone they had a relationship with, according to 2015 data from Texas Adult Protective Services.
The Elder Financial Protection Law aims to prevent financial scams and abuse by enabling others, including financial advisors, to step forward and protect the vulnerable from fraud.
Caregivers cashing a social security check or misusing a joint checking account are common examples of exploitation.
As of September 1, banks and other financial institutions are required to investigate and report any unauthorized attempts to take, withhold, or use personal assets to the adult protective services division of the Texas Department of Family and Protective Services.
What are the signs of this kind of exploitation and what can be done? Will these new measures help protect senior Texans from being taken advantage of financially?
- Estrella Garcia Diaz, manager of the Goliad Road Banking Center
- Roman Medina, information security officer for Jefferson Bank
- Peaches Hall, executive director of the Doris Griffin Senior Center
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