More and more, investigators are seeing individuals who have worked their whole lives, paid off their home and built up a healthy nest egg only to have one phone call or email impact those decades of hard work.
This sounds like something that would never happen to your family, right? Sadly, things like this happen every single day. Folks like your aging parents and grandparents are at a much higher risk of being scammed or defrauded out of their money.
What are we seeing? Everything from coronavirus stimulus check scams, stolen tax refunds, health care fraud, grandparents scam in which a grandchild is supposedly in deep trouble, government imposters posing as representatives from Medicare or Social Security, paying for a phantom debt with gift cards, pre-paid cards or wire transfer (e.g. utility bills, arrest warrant, IRS, etc.), lottery sweepstakes, online pet purchases, mail, email and phone fraud.
Talking about elder fraud and scams with your loved ones is very important. It's not fun. But, it is a way to show them you care.
Losing money or possessions to scams, fraud, and exploitation can be especially devastating to older adults, who may be not be able to earn back what they’ve lost. Protect your loved ones by talking through these strategies:
- A good way to start is with you own experience of sidestepping a
fraudulent call or email, noting that people of all ages are targeted
by scammers. Bring attention to technology and how it has opened doors
for new kinds of scams
- Remind your family members of what they taught you years ago -
don't trust strangers, especially those seeking personal information and
money
- A good rule of thumb is never give anyone personal information over the phone, email or in the mail. It’s that simple!
- You cannot win a contest/sweepstakes you did not enter - period
- No reputable agency will call asking for personal information or to have a bill paid using gift card
- One of the very best ways to prevent tax identity theft is to file your taxes as early as possible. Encourage - or even help - your older loved ones to file
- Offer to be an extra set of eyes. Consider setting up online access to your family member's bank and credit card accounts. Keep a close eye on insurance claims and medical bills. Doing so will allow you to watch over finances from afar and look for unusual charges - big or small. Work across generations to plan for diminished capacity, while allowing elderly family members to maintain their dignity and independence
- Set up safeguards, such as un-list your family member's phone number, sign up for opt-out lists, sign up for security tools that notify account users of log-in activity, unusual spending, unpaid bills and low balances
- Don't feel ashamed if you have fallen victim to a con, scam or fraud scheme. Financial fraud is more common than you think. But, don't make the situation get worse by letting it go unaddressed. Instead, reach out to a trusted family member and/or law enforcement immediately
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