How can you protect against financial fraud?

You have been working with your family in Ohio to research the best options for your elderly loved one who is in need of assistance with various tasks. While you have reliable and honest people helping with some of your family member's needs, you are concerned about how to effectively protect his or her finances and assets from fraud. Your vigilance and attention to detail can go to great lengths in helping you recognize if something is amiss and indicates that you need to take action right away. 

If your elderly family member is still solely in charge of his or her finances, do not be afraid to sit down and discuss the warning signs of fraudulent activity. You can educate your loved one about suspicious activities that could indicate they are being taken advantage of. You can also suggest questions that he or she should ask in response to requests from people who claim to need sensitive financial information. If you are overseeing the finances of your loved one, monitoring recent activity may be a bit easier especially if you are aware of what constitutes fraudulent activity. 

According to dailycaring.com, one way that you can help protect your loved one is by being aware of who he or she is friends with. If there are people who are particularly close to your loved one, be aware of the friendship and whether or not it is mutually beneficial. Keeping an eye on your family member's credit is another valuable way to verify that his or her finances remain in good standing. Mostly, just playing an active role in the life of your loved one can enable you to stay aware of activity that could potentially be harmful and pose a threat to his or her finances. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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