Scammers and cybercriminals tend to target the most vulnerable people in our society, and as a large and vulnerable population, senior citizens are a common target for financial scams. Elder abuse in the form of financial exploitation is a sad but common reality, and if you have elderly friends or family members who you worry may become a target, we’re here to help.
If you’re unsure as to where to get started, here are a few ways you can protect your elderly loved ones from financial scams:
Stay vigilant with their accounts.
The world has become more and more digital with each passing day, and elderly citizens are often no stranger to online banking and shopping, as well as social media. If you’re concerned your loved one might be an easy target online, ask for access to their accounts in case you need to watch out for suspicious links or messages. You can also get ahead of any potential fraud by monitoring accounts and contacting online support if need be.
Designate contacts you can trust.
You and your elderly loved one can contact their financial institution and designate trusted contacts – someone who can be contacted in case your loved one can’t be reached, or if there are suspicious transactions in place. This is considered a safer alternative to hosting a joint bank account, as a designated contact cannot withdraw funds from the account.
Make sure you hire trusted caregivers.
If your elderly loved one needs professional help, such as an in home nurse or caregiver, it’s crucial to vet them and ensure you are hiring a safe person with your loved one’s best interest in mind. Hiring a caregiver through a reliable and reputable agency is key, but don’t ease up the careful eye once they are hired – requesting regular updates can help you and your loved one with peace of mind.
Be communicative.
Staying on top of regular communications with your elderly loved one will go a long way in their safety. Remind them to be cautious with their personal information, especially online, and don’t be afraid to discuss common elder abuse scams with them so they can stay alert.