It’s sad but true: more than any other group, the elderly
often fall victim to sneaky financial scams. In fact, True Link Financial
reports that, combined, elderly persons in the United States lose more than $37
billion per year due to these types of scams. Their increased age, the fact
that they often live alone, and the fact that many of them are not fully mentally competent all add up to the perfect equation for evil scammers who prey on the vulnerable. Fortunately, there are things you can do to protect the elderly people in your life.
Know the Signs
First things first, know the signs that the older person in
your life may be losing money to one or more scams. Common indicators often
include:
l An
inability to pay bills, despite the fact that the elderly person may have
adequate money coming in
l Spending
more money than usual
l Strange
charges on credit card statements
l Lots
of calls from telemarketers
l Lots
of prize and sweepstakes letters in the mail
l A sudden interest in particular money-making
schemes
Talk About It
If your elderly
friend or family member is still mentally competent, don’t be afraid to alert
him or her to the dangers and risks of scams. Research common scams, such as
sweepstakes and money wiring scams, and talk about them with the older person
in your life. They will then know what kinds of things are scams and what to be
on the lookout for, empowering them and helping them to take care of
themselves.
Get the Police
Involved
If someone you care
about has already fallen victim to a scam, don’t just sit back and do nothing.
Contact the local police and let them know what’s happened. Chances are,
especially if it’s a local scam, other people are being victimized too. So,
even if the perpetrators don’t get caught this time around, the police can
alert others to the dangers and risks.
Be Careful of
Caregivers
Sadly, not all
crimes against the elderly are committed by strangers. Caregiver abuse and
scamming is a very real and very sad problem. As such, if you are not able to
be the caregiver for the older person in your life, do everything within your
power to make sure that the caregiver chosen is an honest and good person. Do
background checks and even install a “nanny cam” if you have doubts.
Elderly people are
some of the greatest treasures of society. They should never be hurt or
victimized, and you should do everything you can to protect older people whom
you care about.