As parents get older, they become prime targets for scams and fraud. Their declining cognitive abilities make them more vulnerable to deceptive schemes. Fortunately, there are steps you can take to protect your aging loved ones.
Watch Out for Common Scams Targeting Seniors
Several scams frequently target seniors. Being aware of these can help you identify and prevent them.
IRS and Social Security Impersonation Scams
Criminals may call pretending to be from the IRS or Social Security Administration. They say back taxes are owed or benefits will end. Then they demand immediate payment by wire transfer or gift card. Remind your parents these agencies don’t make initial contact by phone and won’t threaten dire consequences without mailed notices first.
Computer Tech Support Scams
Scammers call claiming to be Microsoft or Apple tech support. They say a virus was detected and offer to fix the computer for a fee. In reality, they install malware that steals personal information. Caution your parents to never give control of their computer to an unsolicited caller.
Lottery and Sweepstakes Scams
Your parents may get calls saying they’ve won a prize. But to claim it, they must prepay taxes and fees. No legitimate contest makes you pay to receive winnings. Advise your parents not to pay anything upfront to collect supposed winnings.
Grandparent Scams
Criminals pretend to be a grandchild in distress who needs money wired urgently. They plead for secrecy so other relatives don’t find out. Before sending any money, tell your parents to independently verify their grandchild’s whereabouts. This can prevent falling for an imposter’s trick.
Charitable Donation Scams
Scammers falsely claim to be charities collecting for good causes. They count on your parents’ generous nature. Suggest your parents donate only to established charities they initiate contact with, not unknown solicitors who reach out to them.
Reduce Isolation
Isolation enables scammers to operate undetected. Connecting your parents to community resources can reduce vulnerability. Adult day care centers, senior centers, Meals on Wheels – these services provide social contact and help combat loneliness and depression.
More frequent in-home care from a trusted home care company in Katy, TX, also decreases isolation. Caregivers can visit daily to help with reading mail, cooking, cleaning and companionship. Their regular presence and assistance keep your parents socially engaged and less apt to fall for scams.
Set Up Caller ID and Blocking
Install caller ID on your parents’ phones. This lets them screen incoming calls and not answer if they don’t recognize the number. Show them how to use call-blocking features available through many phone carriers. Blocking known scam numbers reduces disruptive nuisance calls.
Maintain Access to Accounts
Have online access to your parents’ bank and financial accounts, with their permission. This allows you to monitor for suspicious transactions, which could indicate fraud or exploitation. Watch for withdrawals to individuals your parents don’t ordinarily pay. For privacy, set up view-only access that lets you see account activity without making changes.
Talk to the Bank
Notify your parents’ bank of any suspected financial abuse. Banks must report the exploitation of older adults. Discuss safer options like automatic bill pay instead of checks that require manual signing. Also, set up low daily ATM withdrawal limits to reduce potential losses from a stolen card.
Consider Legal Options
Speak with an elder law attorney about setting up power of attorney or legal guardianship. These arrangements allow trusted individuals to manage finances and property if your parents become incapacitated. Court-ordered guardianship provides legal authority to intervene if exploitative relationships or large transfers appear suspicious.
Preventing fraud against the elderly requires vigilance. But following these best practices can help protect your aging loved ones – and their hard-earned savings – from schemes that target seniors. With safeguards in place, you can have greater peace of mind.
