Unfortunately, many
scammers prey upon the elderly. They know that these people are often home
during the day, and may be lonely and looking for someone to talk with. As a
result, it’s easier to get them to listen and then act on various scams. To
protect your elderly loved one from various forms of financial fraud, keep
these tips in mind:
Offer explanations, not just rules
While your parent should
know that they shouldn’t give out personal information over the phone or
respond to letters from unknown people, they also need to understand why.
Instead of just saying, “hang up the phone” or “throw that out,” offer insight
about why they must do this. Explain that the government wouldn’t call them at
home and ask for their social security number as they have that number on file
already. Remind them that they can’t claim winnings on a contest they never
entered. When your senior understands this information, it helps them to more
effectively identify a potential scam.
Monitor who they’re talking to
If your elderly family
member lives nearby, keep a close eye on their mail and phone correspondence.
Scammers are relentless, and may even add your senior onto their list of
vulnerable targets. It’s not uncommon for an elderly individual to be bombarded
with e-mail, snail mail, and phone calls from scammers on a regular basis. Keep
an eye on who’s calling and what they’re calling about. If you suspect that
they’re trying to turn your senior into a target, get the authorities involved.
Make them harder to find
If your parent is
constantly receiving phone calls from scammers, make them harder to find.
Unlist their home phone number, or have them use a cell phone, where it’s less
common to receive calls from scammers. You can also put Mom or Dad’s address on
opt-out lists so that they don’t receive junk mail. Should a piece of mail
arrive that appears to be from a scammer, report it to the U.S. Postal
Inspection Service.
Keep an eye on your
senior’s credit reports and bank statements to pick up on any fraudulent
charges right away. This makes it easier to reverse the damage, thus preventing
long-term financial harm to your parents.