As the population ages, the number of elderly victims of fraud rises, notes Daniel Klibanoff. Scam artists often target the elderly because they are more trusting of others or less likely to report a crime. The National Council on Aging reports that seniors lose an estimated $2.9 billion each year to scams.
Below are some effective techniques and methods to combat these scams and protect the elderly against senior fraud.
Look vigilantly for changes in behavior
If your elderly loved one suddenly starts exhibiting changes in their behavior, it could signify that something is amiss. For example, if they become more withdrawn or suspicious of people, it could indicate that they’ve been the victims of a scam.
Other changes in behavior to note include:
- A sudden shift in financial habits (e.g. withdrawing large sums of money or making strange purchases)
- Unusual activity on their bank, credit card, or any other financial accounts
- Unexpected revisions in their will or other legal documents.
Keep their personal information safe
Daniel Klibanoff emphasizes that you must make sure their personal information is kept safe and secure. This includes their Social Security number, credit card information, and bank account numbers.
There are different methods and strategies to keep this information safe:
- Shred all unwanted documents that contain personal information before throwing them away.
- Never give out or share personal information over the phone or online unless you’re absolutely sure it’s a legitimate request.
- Keep a watchful eye on important details such as their credit report and financial statements so you can catch any unusual activity right away.
Educate them about scams and fraud
Teach seniors about the different types of scams and how to spot them. This way, they’ll be able to recognize a scam when they see one.
There are a few different resources you can use to educate them about scams and fraud:
- The Federal Trade Commission runs a website dedicated to educating consumers about scams and fraud, notes Daniel Klibanoff.
- The AARP also has a lot of great resources on its website, including articles, tips, and even videos.
- You can also find many helpful resources at your local library or community center.
Subject matter expert on senior fraud Daniel Klibanoff shares helpful information on how to help the elderly. Access his other posts here.
