According to the Federal Trade Commission (FTC), more than 3.5 million older Americans are victims of financial exploitation each year. The types of fraud seniors are most likely to fall victim to are:
- Online shopping scams
- Imposter scams
- Tech support scams
- Sweepstakes scams
- Romance scams
The FTC also keeps records of how fraudsters carry these schemes out:
- Scam phone calls:16,000 cases reported a loss, with a median cost of $1,500
- Online theft:10,000 cases reported a loss, with a median cost of $395
- Consumer-initiated contact:6,000 cases reported a loss, with a median cost of $300
- Email scams:4,000 cases reported a loss, with a median cost of $500
- Mail fraud:1,000 cases reported a loss, with a median cost of $1,800
How can you protect your senior loved one from falling prey to fraud and scams? Here are five ways to put their defenses up:
1. Check their finances regularly.
Checking bank, investment, and credit card statements at least every month, if not more, can keep you apprised of any irregularities. For example, are there any large ATM withdrawals your parent didn’t make? Any credit card purchases of items you wouldn’t think they’d need or have an interest in?
Make sure your name is added to each of their accounts so you can receive monthly statements and email notifications concerning transactions. Unfortunately, many seniors don’t check their statements and never report fraudulent transactions. Acting as their eyes and ears will help protect them.
2. Educate them about elder fraud scams.
If your parent knows that scammers often target seniors, they’ll be less likely to be taken advantage of.
The National Council on Aging provides a list of the Top 10 Scams Targeting Seniors. Review this list with them every 60 days. Also, let them know that in addition to being scammed by junk mail, fraudsters also use phone calls, email, and websites to take advantage of seniors.
3. Remove their name from call lists.
Scammers often get their victims’ names from telemarketing lists. Help your senior loved one sign up for the National Do Not Call registry. It’s a free service provided by the FTC, and they can sign up by calling (888) 382-1222 or registering online.
Advise your loved one to never give out any personal information over the phone, including their social security number and credit card numbers. Let them know they should not engage in conversations with people they don’t know and should hang up if telemarketed.
4. Teach them about online and social media fraud.
If your older adult spends time online, they need to learn about the dangers of connecting with people online through social media and chat groups, and that many fraudsters pretend to be someone they’re not. Many of these fake friends and romantic interests are located overseas, so be aware if your parent mentions a new love interest and is wiring or sending money abroad.
5. Buy them a paper shredder.
Fraudsters comb through garbage cans and dumpsters at senior residences and senior care facilities looking for personal information, like account numbers and social security numbers. Buy your senior a paper shredder and show them how to shred receipts, financial statements, and unwanted credit card offers. This reduces the chances of someone accessing their personal information.
Quality Home Care You Can Trust
Assisting Hands Home Care serving Boston Northwest provides professional in-home senior care services in Bedford and the surrounding area. We help seniors age safely and comfortably in the place they want to be most – their own homes.
Contact us today to schedule your free in-home consultation. We’d love to get to know your senior and your family, and we’ll be happy to let you know how we can help.
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