Elder financial abuse has become more common nowadays. In 2022, roughly 105,00 American seniors aged 60 and older have reported a combined $966 million in losses. If your elderly loved one is suffering from disabilities and needs to rely on others for assistance, they are more likely to be targeted. Popular financial scam techniques include getting in touch with their emotional sides, romance, desirability, and familial love.
Knowing that your elderly loved one is protected, they can carry on with their senior living activities without any worries. We have shared 5 tips on how you and your family can help your elderly loved one stay away from fraud.
- Stay Involved in Their Life
Protect them from risks associated with isolation and loneliness by reminding them daily and having discussions about common scams. By staying connected, you will be able to get a hold of their daily whereabouts and habits. This makes it easier for you to catch anything suspicious.
- Credit Report
Review your loved one’s credit report together to make sure that it’s accurate. If there are any errors or you see that a large amount of money has been wired out, visit the bank immediately.
- Shredder
Help your elderly loved one shred unwanted credit offers, financial statements, and receipts. This reduces the chances of others getting access to their personal information.
- New Friends and Romances
New friends can be beneficial in times of loneliness and isolation, but they could also be a gateway for scammers. In person, their new ‘friend’ may offer suspicious financial or estate planning services and may even offer to visit the bank with your elderly loved one.
Romance scams are popular nowadays. These fake romantic interests can easily brainwash your elderly loved one that you don’t have their best interests at heart. This form of indoctrination will lead your loved one into leaning towards their new ‘friend’ for financial advice instead.
- Education
online fraud is on the rise. It is important to teach your loved ones about the dangers of connecting with people online and how the elderly are often targeted.
Be sure to encourage them to always investigate and not fall for such traps. If your loved one starts to wire large amounts of money overseas or send funds locally to those you have not heard of, look into it and take action immediately.
Senior Living at Morada Lake Arlington
If you decide that your loved ones are not capable of living alone and are looking for housing options, our retirement community at Morada Lake Arlington welcomes you. We provide three different senior living lifestyle options to create a level of personalization and flexibility that cannot be found anywhere.
At our retirement community, we can assure you that your elderly loved one is safe and protected from financial fraud. This is done so by filling each day with fun events and activities. There are plenty of possibilities for recreation and socializing with friends, both new and old!
If you would like to know more about our retirement community or would like to schedule a private tour, contact us today!
