The National Council on Aging reports that “financial scams targeting seniors have become so prevalent that they’re now considered “the crime of the 21st century.” Why? Because seniors are thought to have a significant amount of money sitting in their accounts. Financial scams …(are) devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses.” You can help protect your elderly loved one from scams and frauds by making them aware of common fraud schemes: Identity Theft Learn more about identity protection in our article “Identity Theft: How Protect Your Elderly Loved One”. Financial Abuse by Family, Friends, or Caregivers The National Crime Prevention Council offers these tips for avoiding scams and frauds in their publication “Seniors Can Stop Scoundrels and Scams” which is included in the attached files. Signs of Fraud The American Banker’s Association also offers warning signs of financial exploitation from scammers, family members, or others: What should you do if you suspect financial abuse? The American Banker’s Association recommends: You can warn others about scams by reporting them on the AARP Fraud Watch Network Scam Tracking Map. If you are a long distance caregiver, it can be difficult to know if your loved one is being approached by a scammer. At Care is There, we: We also offer related services that can help you and your elderly parent, including: Contact Care is There Geriatric Care Management by calling 800.434.1633 or by emailing us at Info@CareisThere.comScams and Frauds and the Impact on the Elderly
Awareness of Common Scams and Frauds
Identity theft occurs when someone assumes your identity to perform a fraud or other criminal act. Criminals can get the information they need to assume your identity from a variety of sources, including by stealing your wallet, rifling through your trash, or by compromising your credit or bank information. They may approach you in person, by telephone, or on the Internet and ask you for the information.
Financial abuse is a common type of elder abuse in which the perpetrator uses or misuses a senior’s money or property for personal gain. Unfortunately, it is often perpetrated by someone the victim knows. Awareness is the first step to protecting an older loved one; seniors and family members may not realize they are vulnerable, which increases the risk.Tips for Avoiding Scams and Frauds
The American Banker’s Association offers advice about how to Protect the Elderly from Financial Abuse:
What to Do if You Suspect Fraud or Financial Exploitation
How the Geriatric Care Managers and Daily Money Managers at Care is There Can Help
Resources for Protecting Elderly Loved Ones from Scams and Frauds
Next Steps
Concerned that your elderly loved one may be vulnerable to scams and fraud? Contact Care is There today for a free consultation!
Charlottesville Area: 434.326.5323
Shenandoah Valley: 540. 246.0211
Toll Free: 800.434.1633
Email: Info@CareisThere.com
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