Elder Fraud Victims Lose Millions Each Year - How to Protect Yourself and Your Loved Ones

Skip Myers

Introduction

Through the years, I have witnessed numerous attempts from fraudsters and scammers to commit elder fraud on family members and friends. During almost every endeavor, the criminal was highly persistent, manipulative, and often very convincing as they weaved their scam and con game with that elderly family member or friend.

Luckily, my elderly family members and friends did not fall victim to any financial loss or hardship due to the fraudsters' attempts to deceive them. In this article, with some advice from a retired detective and fraud prevention veteran, I will show you some simple tips that my elderly family members and friends used to ruin a bad guy's day!

What is Elder Fraud?

Elder or senior fraud is a crime when a person takes advantage of or exploits an older adult for financial gain.?Scammers target older adults because they are more likely to be socially isolated,?have difficulty understanding complex financial matters,?and be very trusting.

Elder fraud can have devastating financial and emotional consequences for victims.?It can lead to financial ruin,?social isolation,?and depression.

Elder fraud can take many forms,?including:

• Investment scams:?Scammers promise high investment returns while the assets are either fraudulent or worthless.
• Grandparent scams:?Scammers impersonate a grandchild or other family member who is in trouble or needs financial assistance.
• Government impersonation scams:?Scammers impersonate government officials,?such as IRS agents or Social Security representatives,?and threaten to arrest or deport the victim if they do not pay a fake debt.
• Home repair scams:?Scammers offer to repair the victim's home?but do not perform the actual repairs, or if they do, it's a sloppy, unfinished job.
• Romance scams:?Scammers pose as online love interests and gain the victim's trust before asking for money and other resources.

How to prevent elder fraud?

There are several factors that families can consider to help their loved ones avoid elder fraud:

• Educate your loved one about the common scams listed above.?Talk to your loved one about the different types of elder fraud and how to identify them, especially when they feel pressured.?Remind them that they should never give out personal or financial information to someone they do not know and trust.
• Encourage your loved one to be skeptical of unsolicited offers.?Suppose your loved one receives an unsolicited request in the mail,?over the phone,?or online. In that case,?they should be suspicious and alert you or another family member.?Educate them that they should never sign anything or give out money without researching first and consulting a family member.
• Help your loved one manage their finances.?If your loved one struggles to manage their finances,?offer help.?You can help them review their bank statements,?pay their bills,?and make financial decisions.
• Monitor your loved one's financial activity.?Look for unusual activity in your loved one's bank accounts, withdrawals, payments, or credit reports.?If you see anything suspicious,?report it to the bank or credit bureau immediately.
• Consider freezing your loved one's credit with their consent. Freezing their credit could help prevent potential identity theft issues and unknown accounts from being opened under their name by fraudsters.
• Discuss your loved one's financial and healthcare wishes with them in advance of something going wrong. This will help avoid future disagreements and conflicts among family members.

What to do if you think your loved one has been scammed:

• Suppose you believe your loved one has been scammed. In that case,?you should talk to them about it first, list any details they can remember, and collect any emails or documents associated with the scam.
• Let them know you are there to support and help them through this.
• ·Suppose your loved one has experienced a financial loss as a result of a scam. In that case,?you should contact the local police immediately.

Additional safety tips for families:

• Promote how staying connected with their neighbors, friends, and family can reduce the risk factor for elder fraud.
• Fraudsters often prey on older adults who are trusting and vulnerable.?Help your loved one establish the necessary thinking skills to identify scams and share their concerns with you.
• Create a support network for your loved one. This could include family members,?friends,?neighbors,?or financial professionals.

Here are some additional resources for victims of elder fraud:

• National Adult Protective Services Association (NAPSA):?1-800-677-1116
• National Council on Aging (NCOA):?1-800-677-1116
• Federal Trade Commission (FTC):?1-877-382-4357
• Securities and Exchange Commission (SEC):?1-800-732-0330

Conclusion

Elder fraud is a terrible crime that can have overwhelming consequences for victims and their families.?Educating yourself and your loved ones about common scams and protecting their finances can help identify and prevent elder fraud while keeping your loved ones safe.

You can help identify and prevent elder fraud by being proactive and staying engaged with your loved one. Practice these simple tips. They can help protect you, especially your loved ones, from becoming a victim of elder fraud.

Visit the Internet Safety Brigade at https://internetsafetybrigade.org

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