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By DEB MILLER, JD

West Virginia Senior Legal Aid

Looking for ways to avoid being financially exploited? In today’s world, an ounce of prevention is worth its weight in gold and silver combined.

We are hearing more about financial scams, online fraud, and other ripoffs. We’re sitting ducks, evidently.

Just about anyone with more than $100 to their name can become the target of those who would happily rip them off without regret and then blame the victim for “letting them” do it.

Financial exploitation is happening every minute of every day. The victims are often too embarrassed and reluctant to tell anyone.

The Federal Trade Commission reported $10 billion in consumer fraud losses during 2023, a 14% increase over 2022.

The agency received 2.6 million complaints from adults in every age group for a variety of scams, with nearly 100,000 people reporting losses of $10,000 or more. Investment scams accounted for almost half of the fraud losses.

To lower the chances of such losses happening to you, here are three worthwhile protective measures. Common sense helps a lot too.

Sign up online for the free service from the U.S. Postal Service that emails you images of the mail you will receive each day.

Some may feel this is unnecessary, but it allows you to watch for financial statements, family messages, packages, or important documents hours before they arrive. The email is proof that such an item is to be delivered to you.

You can also choose to have a trusted family member or friend receive these emails about your daily mail. If they see something suspicious or an unexpected change in your mail patterns, they may be able to detect exploitation or a scam and alert you to take action.

It’s easy to benefit from this free service. Sign up online at informeddelivery.usps.com. Protecting your mail is also protecting yourself from horrible surprises.

A second way to minimize the possibility of financial exploitation is to give your debit and credit card companies permission to send you emails or text messages for purchases, withdrawals, and other transactions above a certain amount that you select.

This free financial monitoring method gives you early warning of any suspicious charges or other activity. Acting quickly can prevent further fraud.

Check online or call the company to find out how this notification service can work for your benefit.

The third protective measure is to select and work with a “watchdog.”

You and the watchdog, a trusted relative or friend, can set up an informal arrangement to discuss financial and budgeting decisions and undertake planning to assure long-term financial well-being. It’s not a typical topic of conversation, but it can be highly effective.

No formal document is needed because this helpful person will simply provide their input on financial choices to be sure the right things are happening for you.

Of course, part of the arrangement will be that you are willing to listen seriously to your watchdog’s opinions and guidance. Otherwise, it will be frustrating for all.

Knowing that you have a backup for such important directions in life, an extra brain to evaluate a situation, helps assure that you can protect your financial well-being and not fall victim to scammers or thieves.

For assistance with financial exploitation concerns and other legal matters, state residents who are 60 or older may contact West Virginia Senior Legal Aid at 800-229-5068 or info@seniorlegal.org.