HOW TO SAVE ELDERS FROM FINANCIAL EXPLOITATION According to the recent studies, at least one in five elders over 65 fall victim to financial exploitation of some form. How do you prevent a friend or loved one from becoming a statistic? Here are useful insights to help save them from abuse: •
The first and probably the most important thing you should do to help an elderly loved one shield themselves from financial scams is to take time to understand just how much risk they are facing as far as these exploitative activities go. When it comes to financial scams, culprits often go where the money is. These scammers know that seniors whose lifestyles are now funded by life savings and pensions, are typically wealthier than younger and more technologically savvy people. Not only do these cons take advantage of the fact that elderly people are not as smart about computers and technology, they also take advantage of their susceptibility to memory loss and cognitive impairment, making them easier to exploit. Seniors are also more trusting and thus, are more prone to such scams.
To prevent them from being exploited, monitor their online activities as well as their conversations. Install protective programs on their computers and devices where scammers might contact them. Social sites for instance, can easily give away critical details of a senior’s personal life, helping scammers formulate more believable traps. By protecting them from these kinds of activities, you help prevent their information from getting stolen and being used to siphon their wealth away.
A sad fact of life is that the biggest cons who victimize elderly people are often trusted family members. You can protect your loved one from unscrupulous family by making sure that their finances are in check and being monitored by a third-party professional. Other common scams to watch out for come from trusted doctors, caregivers, accountants, lawyers, and even the senior’s close friends.