Keeping Your Relative Safe From Financial Fraud

Elders are favorite targets for scam artists.  The most common fraud scams against elders include prizes and sweepstakes. This is where the elder is told they’ve “won” but must first send in money to cover the taxes or other associated fees. Sadly, some will oblige to the requirements because they sound so realistic. 

These types of fraud come in all shapes, sizes, color, etc. Being aware of how they are pitched is key to avoid being a victim. Here are other types of fraud for you to be aware of:

• Magazine sales - They order a subscription but the magazine never shows up. Usually you won't notice the charges until a couple of month's into the "subscription."
• Product or service fraud - They are sold “anti-aging” products or home improvement services but the goods/services are worthless. Even worse, they may pay money up front for work that is never done. Some of the most common schemes include funeral or cemetery services.
• Phishing schemes - Someone calls claiming to represent a bank or business. Afterwards, the elder is asked to verify their financial information or is told to call an 800 number to do so.
• Internet fraud - They respond to a bogus email or internet sales offer by providing their credit card information, birth date, or social security number.

To help keep your loved one safe, watch for changes in lifestyle or financial activity. Some of the most obvious signs are more spending than usual or more money worry than usual. Your relative may be embarrassed to admit they’ve been scammed; having patience is very important during your observations. Here are some signs to keep an eye on:

• Check out unusual “new friends” - Ask to meet and get to know your parent’s new friend. A con artist won’t stick around when they know a family member is watching them!
• Help research organizations - Before purchases or donations are made, request written information about the organization. Verify the claims and status of nonprofit.
• Shred sensitive documents before disposal - Anything with a social security number or account number should be destroyed. Pay special attention to offers for new credit cards as they could be used to open a false account.
• Seek nearby support - Especially if you live out of town, ask a friend or neighbor to keep an eye out.

If you suspect that fraud has occurred, contact local law enforcement immediately and file a report. You also need to contact the bank, investment company, or credit card company to have transactions monitored or stopped.

​Need further assistance to keep you elderly parent safe? Our personalized solutions promote the safety, that includes the digital safety, of your family member. Contact us today to set up a consultation.