The vulnerability, loneliness, and cognitive losses associated with aging are all frightening to elder citizens and can lead them to be victims of fraud.
Fortunately, we can and must all do our part to ensure fraudsters don't shake down our aging senior community members for every dollar they have.
Tip 1 - Review bank statements, credit card(s), and credit score statements routinely – ideally monthly – with the elder.
Look for unauthorized purchases, unusually low or high balances, and other errors that show signs of identity theft or bank fraud. Speaking of identity theft ...
Tip 2 - Help determine who has access to identifying documents such as birth certificates, joint accounts, and mailboxes.
But what about those people who call asking for an elder by name?
Tip 3 - Watch out for robocalls and scam artists’ calls!
Make sure your loved one knows to simply say, “I never buy from or give to anyone who calls or visits me unannounced. Send me something in writing.” This way, if their business is not legitimate, they’ll quit to avoid producing a legally-pursuable paper trail.
They can also join the National Do Not Call Registry, which prevents your phone number from being abused by telemarketers.
We must watch for suspicious activity and empower our elders to ensure they are protected financially!