Fraud Prevention Month: Cognitive Decline and Banking

According to a recent article in The Economist, studies suggest financial decision-making ability tends to reach its peak in a person’s mid-50s, after when deterioration sets in. But even “normal” ageing can cause cognitive change. Financial-management skills are often early warning signs, because they demand both knowledge and judgment.

Not surprisingly, the article also suggested that older people are also more vulnerable to fraud or to financial exploitation, often by relatives.

What can be done to support our seniors? It is difficult to monitor financial abuse, because victims rarely report it. “Age-friendly” banks are beginning to learn how to protect vulnerable older customers. Education is key. Read the complete article here.

This year marks the 13th anniversary of the annual education and awareness campaign that began in 2004 by encouraging Canadians to recognize, reject and report fraud.

Spearheaded by the Competition Bureau, Fraud Prevention Month is a unique effort that brings together over 80 law enforcement agencies and public and private sector organizations to combat fraud.

During the month of March, the Bureau and its partners in the Fraud Prevention Forum carry out numerous activities and host a variety of events to inform Canadians about the impact of fraud and how to protect themselves.

Check out their tips by visiting the Bureau’s fraud prevention portal for more information and many other resources to help you fight fraud.

A Community News blog post

West Toronto Support Services writes articles about events and news in the community that closely align with our agencies mission of living independently and promoting your health & wellness.   Articles posted under community news don’t necessarily mean we endorse them – they are articles of interest that you can pursue further.   We believe a healthy community is a diverse and connected community!

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