Abstract: No matter the season, scam artists look for new victims,
including those who would pick the pockets of older people in search of money
and financial data. This article offers seven ways to help prevent elder
financial abuse and fraud.
Help prevent
financial scams aimed at older people
In any
season, scam artists are on the lookout for ways to steal financial data and
money from vulnerable people. Such fraudulent activities often target older
adults. Whether you’re in this age bracket or worry about senior parents and
other relatives, here are seven ways to help prevent elder financial abuse and
fraud:
1.
Keep
both paper and online financial documents in a secure place. Monitor accounts
and retain statements.
2.
Exercise
caution when making financial decisions. If someone exerts pressure or promises
unreasonably high or guaranteed returns, walk away.
3.
Write
checks only to legitimate financial institutions, rather than to a person.
4.
Be
alert for phony phone calls. The IRS doesn’t collect money this way. Another
scam involves someone pretending to be a grandchild who’s in trouble and needs
money. Don’t provide confidential information or send money until you can
verify the caller’s identity.
5.
Beware
of emails requesting personal data — even if they appear to be from a real
financial institution. Remember, your banker or financial professional already has
these things. Ignore contact information provided in the email. Instead,
contact the financial institution through a known telephone number.
6.
As
much as possible, maintain a social network. Criminals target isolated people
because often they’re less aware of scams and lack trusted confidants.
7.
Work
only with qualified professionals, including accountants, bankers and attorneys.
Most
important, never let your guard down. Thieves are on the lookout for vulnerable
people, so you need to be on the lookout for thieves.
© 2022