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Recent studies suggest that financial exploitation — the illegal or improper use of an older adult's funds, property or assets — is the most common form of elder abuse. Here are a few ways you can help guard against financial exploitation:

• Immediately report abuse. Monitor accounts regularly. If you become concerned that you or an older family member or friend is being financially abused or is the victim of fraud, you should report suspicious communications or transactionsreport suspicious communications or transactionsreport suspicious communications or transactions immediately. You can also , a public service of the U.S. Administration on Aging.
• Create a power of attorney. A power of attorney can permit someone you trust to act on your behalf in financial matters such as filing taxes, selling property, refinancing a mortgage and depositing or cashing checks. Learn more about power of attorney servicesLearn more about power of attorney servicesLearn more about power of attorney services
• Set up a joint account. Plan ahead: While you're still healthy, determine whether you want to add a trusted family member or friend to your account as a co-owner to help manage your finances. See how to add an owner to an accountSee how to add an owner to an accountSee how to add an owner to an account
• Name a trusted contact person. This is another way to help guard against financial exploitation. 91¸£Àû is the first major bank to allow consumer clients to designate a trusted contact — someone we're able to reach out to in order to confirm information and address suspicious activity. Learn more and see how to set up a trusted contactLearn more and see how to set up a trusted contactLearn more and see how to set up a trusted contact
• Use our award-winning mobile and online banking platforms to keep your account safe. We have a suite of digital capabilities that can help you keep your finances more secure, all backed by our Security Guarantee.
  • Set up unusual activity alerts
  • Go paperless to prevent mail fraud
  • Use biometrics to log in on your mobile device
  • Lock your card if it is lost or stolen
• Take steps to protect yourself. Learn more from our fraud prevention checklist

While these services can help guard against elder abuse, they're available to all our customers and can be appropriately used for a variety of needs, for example: naming a trusted contact could be important to a member of the armed forces who has been recently deployed, or setting up a joint account might be useful if you've recently been married. (If you're a Merrill or Private Bank client and have questions regarding these services and your accounts, please contact your Advisor for assistance).