June is Elder Abuse Awareness Month, providing an opportunity to heighten awareness of this important topic. Seniors now make up seventeen percent of the Canadian population. According to the Canadian Banking Association (2015), Sixty-seven percent of suspected senior financial abuse in Canada goes unreported and sixty-four percent of victims know their abuser. Financial abuse occurs when someone tries to take control of what belongs to you for their own benefit, not yours. This can include your money, property or your personal information.

What are the warning signs of elder abuse?

• Missing valuables including credit cards and cash.
• Unusual banking activity: A sudden change such as an increasing need for funds and unfamiliar third-party bill payments can be a red flag.
• A sudden new companion, especially if the senior seems uncomfortable in their presence.
• Unexplained property transfers: Transferring property (including bank and investment accounts) into another person's name or even into joint name. Be aware when a senior does not understand what they are signing.
• Unexplained changes to the Will or Power of Attorney: These are powerful documents and a sudden change, especially naming an individual who is not a family member or long term friend could be a sign someone is trying to take advantage.

How to protect yourself or your loved ones?

• Protect yourself digitally. Click here to learn how to protect your information.
• Be current with the type of scams that are circulating over email and phone.
• Choose your Power of Attorney (POA) wisely. This should be someone who lives nearby, is reliable and is financially stable. Sharing this information with us can protect you and allows Hayes Vickers Private Wealth to discuss your wishes if your POA needs to be enacted in the future.
• Make sure you understand every document you sign.
• Have a wealth transfer plan in place and where appropriate, communicate this to your family and other beneficiaries. Hayes Vickers Private Wealth is happy to work with you to complete this plan.
• Having a network of professionals (your Investment and Financial Advisor, Accountant, Lawyer, etc) can help provide a level of protection. These professionals can be the first point of contact for the senior or their family members if they are concerned about potential abuse and can also be a set of eyes who may notice strange transactions.

You may also find the Seniors Guidebook to Safety and Security by the RCMP useful if your are concerned about an elderly loved one.