Watch Out For Financial Scams Targeting The Elderly
Scams targeting seniors are not new, however, in recent years, these scams have become more insidious. As per the reports of a study, elder financial abuse leads to a 36.5 million dollars loss per year. It is true that none of us deserve to be conned out of our money and the fact that elderly adults are preyed upon is a much more distressing thought.
All types of scammers become more active during the holiday season and the case with scammers targeting seniors is no different. This is because seniors are more vulnerable and charitable with holidays around the corner. This is why it is more important for seniors to make sure that they are not being ripped off. Adult children of seniors can also be more vigilant of the interactions and finances of their parents so that potential scams can be caught before any loss of money.
What Are The Red Flags?
In the opinion of senior care experts, elderly adults are more susceptible to fraud and scams, because of their age. Oftentimes, widows who may not have dealt much with finances are targeted. Also, elderly adults who are not much familiar with the internet might not understand that a scam is being presented to them. Various financial scams targeting the elderly also take advantage of the fact that many seniors are suffering from memory problems and dementia disorders. Many of these scams also target seniors residing in assisted living facilities.
Shared below are a few red flags that adult children should watch out for.
Phone Calls Asking For Monetary Help: If you find your senior relative or parent attending a call and the conversation turns to monetary help, ask for the phone or just hang up the call.
Unusual Charges On Credit Cards: Paying via a credit card is a very common method of scammers and often, seniors might not report fraudulent charges to the credit card company, or may not even recognize the charges. To avoid such charges, make sure to look at the credit card statement of your senior parent.
Withdrawals From Bank: Get in touch with the bank of your senior parent to understand the measures it has taken to protect seniors against financial scams and other fraud abuse. The best bankers out there will make an effort to contact adult children when a senior is trying to make a large money transfer or withdrawal.
Credit Reports: With the permission of your senior parent, order his/her credit report and look for any unusual charges or debts. If you find such debts, it is a sign that some bad guy has opened an account in the name of your senior parent.