Sadly, seniors often are easy targets for financial scams, since they may be lonely, financially naive, trusting and worried about running out of money. If you have an elderly parent or other relative in your life and worry about his financial vulnerability, there are a number of steps that you can take to protect him from financial scams.
Offer Seniors Help with Financial Management. The best time to talk about finances with an elderly parent is before he has any financial problems. However, if he is having trouble paying bills on time or keeping track of his bank balance, it is time to step in and offer help. You may be able to help him make some easy changes to get his finances in order, such as arranging to have bills paid automatically from his bank account, paying his monthly bills yourself, and balancing his checkbook at the end of the month. If your elderly parent is confused or uncertain about his financial security, he may be more receptive to scams, so getting his financial house in order could help to ease his worries and make him less vulnerable.
Educate Seniors about Financial Scams. Seniors often are simply not aware of the signs that an offer is a scam. Therefore, educating an elderly parent about potential scams can be a first line of defense for keeping his money safe. For example, assure him that legitimate financial services providers, such as his bank or credit card company, will not call and ask him for personal information, such as a social security number, over the phone; that if he is offered a financial deal that is too good to be true, such as valuable merchandise for free if he just pays shipping and handling, it probably is too good to be true; and that being told that he must act now because this deal is only available today is a warning sign of a scam.
Encourage Seniors to Hang Up the Phone. Emphasize that it is okay to say no and to hang up the phone if he is wary about an offer or doesn’t recognize a caller. Explain to him telephone courtesy does not require him to stay on the phone with a telemarketer and that a polite, but firm, “I’m sorry, but I’m not interested” is an acceptable way to end a call. He also should ask that the caller not contact him again.
Ask Seniors to Call a Financial Adviser before Writing a Check. Offer to research any offers before your elderly parent responds with a check or his credit card number. Or if your parent would be more comfortable talking to a pro, arrange for him to discuss financial offers with a financial adviser before responding.
Keep Seniors Busy. Lonely seniors can be especially vulnerable to financial scams, since experienced scammers may take advantage of their need for companionship by offering them friendship and conversation along with a “great deal.” Therefore, if your elderly parent stays busy visiting with family, going to the local senior center, participating in a card club and so on, he may be less receptive to a call from a scammer.
Source:
www.fbi.gov, FBI – Seniors
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