Elder fraud can affect not only seniors in good health but also those living with dementia, making them particularly vulnerable to scams. Con artists often exploit their cognitive challenges, with many successfully deceiving aging individuals. Sudden changes in a dementia patient’s financial habits should serve as a warning sign for loved ones. Here’s how to safeguard seniors with dementia from falling victim to scams.

How does dementia impact financial management?

Dementia is a progressive brain condition that affects judgment, memory, and decision-making. Becoming impaired in any of these areas can influence financial management. In fact, one of the first signs of dementia includes changes to how an older adult manages their money.

An aging person may have a long history of paying bills on time. But when dementia strikes, they become less meticulous in managing their bill payments. In recent studies, seniors who were later diagnosed with dementia missed bill payments and had a drop in their credit scores.

The cognitive issues that plague older people with dementia also make them more susceptible to financial abuse. This is due in part to their reduced short-term memory and slower processing speed. These seniors are more likely to misremember facts and events.

Cognitive deficits also make it harder for dementia patients to discern a legitimate financial situation from a scam. Financial abuse may be committed by strangers but is sometimes carried out by people the senior knows, such as “friends,” family members, or caregivers.

How do families protect their elderly loved ones from scams?

Elder fraud takes many forms. Some scams are get-rich offers, like sweepstakes. But they can also be disguised as phony offers for home repairs. Seniors who fall victim to financial scams are at risk for identity theft. Common scams involve impersonations of government officials.

1. Be vigilant for warning signs

Firstly, look for signs of financial abuse. Examine the senior’s checks for signatures that do not appear as their own. The older person’s will may be altered without their permission. The aging individual’s home can be sold without their agreement—another clear warning of elder fraud.

2. Secure the senior’s documents

Financial documents can be stolen. Prevent theft by storing the senior’s sensitive paperwork—bank statements and tax returns—in a physical safe or online. By keeping the documents out of sight, they are less likely to be stolen by malevolent thieves yet can be monitored by the right individuals.

3. Set up alerts on financial accounts

When substantial sums of an older adult’s money go missing, it is concerning. Set up account-activity alerts at the senior’s bank, which notify the account holder of large withdrawals or unusual activity. Alerts are often sent via email, text, or mobile push notifications.

4. Use a fraud-alert service

Identity theft shows no signs of stopping, and seniors with dementia remain vulnerable. Help the older loved one enroll in services that alert them of potential identity theft, like a fraudster applying for a loan in their name. Services to consider include Identity Guard and Lifelock by Norton.

5. Freeze credit reports

Concerned family members can also help their aging loved one freeze their credit reports. This vital step prevents potential scammers from opening a credit account in their name. In the event the credit reports must be accessed, such as when applying for a loan, seniors can quickly unfreeze them.

6. Block robocalls

Robocalls can be legal or illegal, with many scammers attempting to reach potential elderly fraud victims via the latter. Utilize the senior’s phone service provider’s free robocall-blocking services, if offered. Also place the older adult’s phone number on the National Do Not Call Registry.

How do families teach their elderly loved ones fraud basics?

Every senior should understand the basics of scam prevention. Families should urge their older loved ones to be cautious of unsolicited communications, such as calls and texts from unknown numbers. It may take training before wariness becomes second-nature to the senior.

Older adults should also be warned to keep their sensitive information private. Advise them to think twice before giving out personal information, such as a Social Security number or bank account details. The senior’s social medial accounts should be set to private, too.

Encourage the senior to go to a trusted individual, such as a friend or neighbor, when a particular request for sensitive information seems off. Especially when an individual requires the financial transaction to remain hushed, it’s a clear red flag that the senior is dealing with a scammer.

Fraudsters target seniors because they are less likely to report the suspected scam. If an elderly loved one falls victim to a scam, call the National Elder Fraud Hotline: 833-372-8311. Or report the fraud to the local police, the state’s attorney general, or the Federal Trade Commission.

Dementia Care from Assisting Hands

A senior with dementia who misses paying bills or is a victim of a financial scam may need extra supervision. One resource families trust is Assisting Hands Home Care, a reputable home care agency serving the needs of older adults. Our compassionate dementia care services keep seniors safe.

We provide a comprehensive range of non-medical senior care services in the comfort of home. Professional caregivers are tasked with assisting the elderly with grocery shopping and meal preparation. We help older adults with hygiene tasks, like bathing, toileting, and dressing.

Beyond daily practical support, our memory caregivers stimulate dementia patients with puzzles, games, and conversations. We take them on outings, help them write letters and serve as pleasant companions. By employing effective stimulation methods, we keep the elderly mentally aware.

Our experienced dementia caregivers further support seniors when they feel agitated or frustrated. We utilize distraction techniques, such as playing their favorite music or offering them snacks, to calm them. Caregivers also know how to effectively communicate with older adults suffering from dementia.

Protect your aging loved one’s well-being with quality dementia care from Assisting Hands Home Care. Our caregivers are licensed, bonded, and insured, so seniors can discuss their doubts about situations with confidence. We serve Palm Beach, West Palm Beach, Boynton Beach, Jupiter, North Palm Beach, Palm Beach Gardens, Royal Palm Beach, Wellington, IL and the surrounding areas. Call us at (561) 566-5989  to schedule a free in-home consult to learn more.