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Date Published : Wednesday, January 23, 2008
Seniors across Australia finding it hard to stay on top of all their financial matters are being scammed by those trying to help them.
According to a new report by the Banking and Financial Services Ombudsman (BFSO), as many as 73 per cent of senior citizens receive extra help with paperwork from family, friends or banks.
However, a rise in the number of people complaining about money going missing in these arrangements has unearthed a startling statistic. Approximately 80 per cent of seniors get scammed by relatives.
The BFSO report stated: "In the disputes that we have seen, the most common situation appears to be 'inheritance impatience' on the part of adult children, their spouses or de-facto partners, including competition between siblings for 'their share'."
So, how should seniors avoid these awful scenarios? According to the Elder Abuse Prevention Unit, all credit card bills, insurance documents and other financial matters should only be passed on to someone who is completely trustworthy. They should also only be passed on when the senior is completely unable to manage them.
The BFSO suggests reporting any wrongdoing to it so an investigation can begin, rather than confronting the scammer directly. According to its website, "the financial services provider has 30 days to respond to your dispute", at the end of which the senior will know if a case can be brought forward or not.
Family disputes can be over trivial matters. Sometimes, however, such arguments could hide something sinister. Contacting financial experts may by the best way to stop any fears.
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