The elderly are a frequent target for fraud, and the average victim loses about $30,000 per scam. To make matters worse, the vast majority of these frauds go unreported, and thus can never be resolved. If you have parents or other relatives who are getting older and are unable to take care of themselves as well as they used to, you may be tasked with protecting them, not only physically, but also financially. How can you do this? Here are a few ways.
- Talk About It. Studies show elderly people who discuss their finances regularly with people they trust are better able to protect themselves against fraud. Bring it up to them in general conversation sometimes and recommend they talk about it with their lawyer or accountant as well. Regular discussion helps keep them on alert and prepare them for all the things that they might otherwise fall prey to.
- Check on Them. Online banking makes it easier for scammers to target your parents and acquire their information. It also makes it easier for you to keep an eye on them. Check their banking activity online and look for any suspicious activity. If you see anything out of the ordinary, talk to your parents about it, and report it to the bank immediately.
- Secure Them. Another benefit of online banking is that it allows you to protect yourself and your loved ones. In addition to a simple password, many banks allow you to set up a security question, a photo to identify, and any number of other security measures to keep your account safe. Work with your parents to make their accounts as secure as possible, and make sure they know never to share their password, social security number, or other sensitive financial information, with anyone.
- Monitor Their Credit. There are now services and apps that do more than just provide you with a credit report. They can actually alert you if your credit is going up or down. Investing in one of these services for your parents will allow both you and them to know immediately if anything unusual is going on with their finances.
- Shred. Make sure that all sensitive or potentially harmful financial documents are shredded before they’re thrown away. This includes old bank statements and receipts, as well as unused credit card offers. The temptation is to treat these offers like junk mail and just throw them away. But many of them come pre-filled out with much of your parents’ personal information. If someone were to find those applications in the trash, complete them, and send them in, they could obtain credit cards in your parents’ names.
If your elderly parents or loved ones do find themselves the victims of financial abuse, first report it to the bank, and then the police. Try to figure out the source of the fraud, so that it can be investigated. You should also contact Adult Protective Services about the issue. Not only might they be able to help your parents, they can also alert other seniors in your area and hopefully prevent further financial exploitation of elderly parents.
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Veriti Consulting LLC provides elder financial abuse support to individuals and legal teams across the United States. In addition, Veriti is a licensed private investigation agency. To learn more about our elder financial fraud consulting firm call Veriti Consulting at (877) 520-1280 today.
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- How To Handle Financial Exploitation Of Elderly Individuals
