For the past few years, financial services companies have been bugging me to name a “trusted contact”.
Banks, brokers and insurers increasingly want to have someone to call or email in case they notice suspicious activity and can’t reach the account holder.
I ignored these requests. Trusted contacts are a great idea for older people experiencing cognitive decline, I thought, but that’s not me.
Then a younger friend developed early-onset dementia and I realised we don’t always get enough warning to put such protections in place.
Clearly, trusted contacts aren’t just good for older people. Anyone’s financial accounts could be vulnerable if they’re displaced by natural disaster, wind up in the hospital, suffer a brain injury or are travelling and hard to reach.
Helping your broker, bank or insurer connect with someone who knows what’s going on in your life could protect your money and prevent financial catastrophe.
“I love the idea of the trusted contact because it can really head off any fraud or exploitation before it snowballs out of control,” says Amanda Singleton, an estate planning attorney in Florida.
Trusted contacts can’t make changes
Naming a trusted contact doesn’t give that person authority over your accounts or the ability to see balances or make changes, says Gerri Walsh, senior vice president of investor education at the Financial Industry Regulatory Authority.
Instead, your trusted contact can help financial services companies reach you (if you’re reachable) or identify others who might help.
It could be an adult child, a close friend, an attorney or some other trusted person that the financial institution can reach out to for extra help to try to reach you
Deborah Royster,
assistant director, Consumer Financial Protection Bureau’s Office for Older Americans
If you’re incapacitated, for example, your contact might connect the company to your legal guardian or the person with power of attorney over your accounts. If you’ve died, your trusted person could provide contact information for the executor of your estate or the successor trustee of your living trust.
You aren’t required to name a trusted contact, but financial services companies — along with regulators and consumer advocates — recommend it.
You can change your trusted contact whenever you want, or name more than one. Ideally, a trusted contact is someone you’re confident will protect your privacy and act responsibly.
“It could be an adult child, a close friend, an attorney or some other trusted person that the financial institution can reach out to for extra help to try to reach you,” says Deborah Royster, assistant director for the Consumer Financial Protection Bureau’s Office for Older Americans.
A trusted contact could thwart fraud
The push to name trusted contacts started out of concern for older Americans being scammed out of their life savings.
More than 369,000 cases of financial fraud of older adults are reported to authorities each year, causing an estimated $4.84 billion in losses, said a January report by cyber security research company Comparitech.
But this kind of fraud is notoriously underreported, often because victims are embarrassed, worried that others will think them incapable or protective of the perpetrators, who may be loved ones, caregivers or neighbours.
Comparitech estimates the real toll may be 8.68 million cases and more than $113.7bn in losses each year.
Beware fraudulent email requests
One thing you shouldn’t do is respond to emails that seem to be from your financial institution asking you to name a trusted contact. Those may be scams to steal your passwords or create other havoc, Finra’s Mr Walsh says.
Instead of replying to those emails, consider calling your financial institution or looking on its website for a form that lets you name a trusted contact.
If your financial institutions offer the option, it’s a relatively quick and easy way to add a layer of protection on your accounts, says Abby Schneiderman , co-founder and co-chief executive of the end-of-life planning site Everplans and co-author of In Case You Get Hit by a Bus: How to Organise Your Life Now for When You’re Not Around Later.
“People should take two minutes out of their day and name a trusted contact,” Mr Schneiderman says.
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Mohammed bin Zayed Majlis
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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THURSDAY FIXTURES
4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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COMPANY%20PROFILE
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ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: JAP Almahfuz, Fernando Jara (jockey), Irfan Ellahi (trainer).
5.30pm: Handicap (PA) Dh90,000 1,400m
Winner: AF Momtaz, Antonio Fresu, Musabah Al Muhairi.
6pm: Handicap (TB) Dh100,000 1,400m
Winner: Yaalail, Fernando Jara, Ali Rashid Al Raihe.
6.30pm: Abu Dhabi Championship Listed (PA) Dh180,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: Dahess D’Arabie, Fernando Jara, Helal Al Alawi.
7.30pm: Maiden (PA) Dh80,000 2.200m
Winner: Ezz Al Rawasi, Connor Beasley, Helal Al Alawi.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Killing of Qassem Suleimani
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Mobile phone packages comparison
Killing of Qassem Suleimani
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