As our family members age, prioritizing their safety and well-being becomes crucial, particularly due to threats like elder fraud. This form of financial exploitation can severely impact their finances and emotional well-being. To safeguard older relatives effectively, it is important to adopt proactive strategies and remain vigilant about scams they might encounter.
In the guide below, we will review some of these strategies and the steps you can take to protect your loved ones.
Alert Your Loved Ones to Common Scams
Scammers constantly innovate tactics to deceive individuals into giving up their hard-earned money. To effectively combat these schemes, you and your elderly loved ones must stay informed about the myriad of ways scams can manifest, including the following:
Requests to Wire Money
Elderly loved ones need to be highly skeptical of any communication—whether through phone calls or emails—that requests them to wire money. Scammers often create elaborate stories to pressure victims into sending money to claim a non-existent prize, pay for items that do not exist, or fulfill obligations to secure a job opportunity.
Additionally, they may ask for payments to be made using prepaid reloadable cards, which are difficult to trace and recover once the funds are sent. Encourage your loved ones to pause and think critically about requests for monetary transactions, especially from unknown sources.
Calls from Government Agencies
Reinforce to your loved ones that legitimate government agencies, such as the Internal Revenue Service (IRS) or Social Security Administration (SSA), will not initiate contact with them through phone calls or emails. These agencies typically communicate important information through official postal mail.
If your parents receive a call claiming to be from any governmental body requesting immediate payment or personal information, they should hang up and verify the claim.
Unsolicited Calls
Many scammers use unsolicited calls to obtain personal information. Advise your loved ones to be cautious when they receive calls from unfamiliar organizations asking for sensitive details such as Social Security numbers, bank information, or passwords.
If they receive a suspicious call and feel unsure about its legitimacy, it is recommended that they hang up and independently find the legitimate contact number for the organization to inquire about the call’s authenticity.
Monitor Financial Activity
Make it a habit to review your family members’ bank and credit card statements together, watching for any unauthorized transactions or suspicious activity. Additionally, establishing alerts for large withdrawals or charges can act as an early warning system against potential fraud.
Encourage Open Communication
Foster an environment where your loved ones feel comfortable discussing their financial decisions with you. Regular check-ins can help you spot any changes in their behavior or vulnerabilities that may indicate a risk of exploitation.
Set Up Safeguards
Consider taking protective steps like:
- Restricting access to financial accounts.
- Creating joint accounts when suitable.
- Appointing a trusted family member to assist with managing your loved one’s accounts.
Additionally, setting up a power of attorney can safeguard their financial interests.
Promote Social Engagement
Motivate your loved ones to remain socially engaged and participate in their communities. Strong social ties can alleviate feelings of isolation, making them less vulnerable to manipulation and fraudsters targeting susceptible individuals.
By being vigilant and engaged, you can greatly lower the chances of elder fraud while helping your loved ones preserve their independence and financial well-being.
To Learn More About Protecting Your Elderly Loved One, Contact Hollingsworth Law Today
At Hollingsworth Law, we are committed to providing tailored legal services for seniors while addressing the unique legal challenges older individuals face.
To learn more about protecting your elderly loved one from scams, contact Hollingsworth Law today.