Planning ahead - Financial planning and support - Preventing exploitation

It is extremely important to know and understand the potential threats to your financial well-being, and to be proactive in protecting your money.

Frequently asked questions

What are some of the ways that people with dementia might be exploited financially? Click for answer

Below are some ways that people with dementia may be exploited.

  • People who come to your door asking for donations
  • Giving out credit card information over the phone
  • Giving out credit card numbers or bank card pin numbers if requested by email
  • People who come to your door asking you to sign up for a deal

Source: The information above was compiled with permission from Murray Alzheimer Research and Education Program (MAREP). (2008). Tips & strategies: A 'By Us For Us" Guide. Waterloo, Canada: MAREP.

What are preventative steps I can take to minimize my risk of exploitation? Click for answer

To protect yourself from financial exploitation, only carry small amounts of cash with you. Block private callers and register for the Do Not Call list. You can also place a "no soliciting" sign on your door and register your phone number as unlisted.

Use a credit card rather than carrying large amounts of cash when making a purchase. Or make arrangements with the stores you shop at most regularly to set up an interest-free tab that you or your care partner can pay off each month. When you do carry cash, make sure what you carry is in small denominations – nothing larger than a $20 bill – and try to use the bill closest to the cost of the item. That way, if there is an error in making change the loss of money will be minimized.

For those using a computer, be aware that banks or financial institutions will never request personal or banking information online.

NEVER GIVE OUT YOUR BANK ACCOUNT NUMBER OR BANK CARD PIN NUMBER TO ANYONE REQUESTING THIS VIA EMAIL.

Keep a note about this on your computer to remind yourself of this. Never allow home sales people into your home, especially if you are alone. And, it is best to not sign anything without checking with someone you trust first.

Source: The information above was compiled with permission from Murray Alzheimer Research and Education Program. (2008). Tips & strategies: A 'By Us For Us" Guide. Waterloo, Canada: MAREP.

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