Protecting Seniors from Financial Fraud

In today’s digital world it seems like everyone has a story to tell about a scammy phone call or fishy email that they’ve received. For many people these scams are easy to identify and avoid, but this isn’t always the case particularly for seniors.

Older people may be the most vulnerable age group for internet and phone-based fraud, accounting for $37 billion dollars a year in stolen funds. Some scams specifically target the vulnerabilities of seniors and rely on well-known, trusted brand names or a person’s lack of familiarity with new technology. These scammers prey on their target’s emotions, particularly when it comes to romance and family.

As a caregiver, there are some steps you can take to help your loved one stay savvy and avoid potential scams. Here are some top tips:

• Educate, educate, educate - Talk to your loved one about common and new scams that are circulating. Seniors may not have a lot of experience with social media or email, so be sure to go over some tips for how to identify scammers.
  
  
• Share stories with others - Many local police departments have a page on Facebook and will share stories about scams that are currently circulating in your area. Be sure to follow them and be on the lookout for new ways that hackers are trying to steal information.
  
  
• Get copies of their credit reports - By reviewing their statements, you can make sure that everything is accurate and correct any discrepancies.
  
  
• Buy a shredder - Personal documents and bank statements are a goldmine of personal information that can be used by a scammer to build credibility and trust. Destroy any documents that are longer needed. This greatly reduces the chance that others can gain access to their personal information.
  
  
• Be aware of new friends and connections - New friends are a wonderful addition to senior’s lives, but loneliness can also be a gateway for fraudsters. Be on the lookout for anyone that may show a bit too much interest in your loved one’s financial matters or who is pressuring for sudden estate changes.
  
  
• Be supportive and non-judgemental - If the aging adult in your life has fallen victim to a scam, it is important to be supportive. Encourage your loved one to be open about what happened so that you can identify how to prevent something similar from happening in the future. Be sure to involve law enforcement and lawyers as necessary.

By following these tips you will greatly reduce the risk that your loved one will fall victim to the next scheme.