An Elder Abuse Awareness Day is held each June to highlight the financial and other vulnerabilities many older adults face as their physical strength and cognitive skills decline. Seniors are often targeted by con artists and dishonest salespeople.
However, sometimes the abuse comes from their own kin. A few years back, I had an elderly friend whose unprincipled nephew pressured him into deeding his house over when the older man moved to an assisted living facility. (As I recall, my friend's attorney learned of it and was able to stop the transfer.)
In my mother's later years, she was scammed multiple times because she was the type of person who readily trusted others, even when there was ample reason to be suspicious. Fortunately, her losses from scams were minimal, although in one case, I had to spend several hours on the phone to get a transaction reversed.
Take precautions
A few days ago, Schwab published a helpful list of ways to protect senior loved ones from financial fraud and abuse. Here are a few of those ways:
Stay informed: Keep an open dialogue with older family members about their finances and watch for warning signs like sudden account changes, unusual withdrawals, or confusion about recent transactions....
Promote account security: Encourage recommended security settings and mobile notifications...and review social media privacy settings to limit what others can see....
Report suspicions: If you suspect financial exploitation, report it to local adult protective services, law enforcement...and to [any involved] financial institutions.
Schwab also listed ways that seniors can protect themselves, two of which particularly caught my attention.
• "Consider adding someone to your account who can help you manage your money and assets." My mom did this about six years before she passed away, authorizing me to handle her credit card and bank accounts. That proved to be extremely helpful, especially when her cognitive decline accelerated during the final months of her earthly life.
• "Don’t grant unsolicited remote access. Avoid clicking on unknown links or granting device access unless you initiated the conversation and can verify who you’re dealing with." One of my elderly relatives was scammed online by a fraudster posing as a Microsoft employee. The scammer claimed he needed to access her computer to fix a virus.
An ounce of prevention
Scammers who prey on old people have neither scruples nor shame. They are rarely caught, so it's best not to give them an opening they can exploit.
For more ways you can protect your loved ones — and help them protect themselves — see Schwab's "Prevention Checklist" related to financial exploitation of older adults.
