In addition to caring for your elderly parent’s mental and physical health, you absolutely have to protect their financial well-being. Scammers and thieves see seniors as low hanging fruit – not only do they often have more assets, they also have less ability to recognize a fraud.
You need to put your parent on alert, drilling into them that there are sharks circling, looking to take their money. This article from the National Council on Aging lists the top five financial scams targeting seniors. These include scammers claiming to be an IRS agent demanding overdue taxes; a sweepstakes official informing them of a big win – though they’ve got to pay fees upfront to get the prize; and the famous “Grandma, I’m in prison and need to get bailed out” swindle. Other lesser frauds are also discussed.
Put a note next to each of your parent’s telephones reminding them to never give out personal information on the phone, such as their social security or bank account numbers. Tell them to direct anyone who makes such a request to call you.
Help Guide offers a very thorough article on the topic, covering types of frauds, the mental and emotional impact of fraud, tips for identifying a fraud, and methods for avoiding online, phone, and in-person frauds. There’s additional information about how children can protect their parents from fraud, including when you suspect the fraudster is a romantic partner or hired caregiver.
Fidelity Brokerage’s 10 Ways to Stop Financial Elder Fraud starts with the story of an actual fraud that befell a retired aerospace engineer. It then goes through its ten tips, oftentimes referring back to the initial real life scam to show what might have been differently, and how his kids are working to prevent another one. It’s very relatable, and worth checking out. Additionally, Fidelity highlights FidSafe, a free online safe deposit box it offers to anyone, as well as a more elaborate subscription service.
Washington Post writer Lizette Alvarez’s piece, which starts with the real life scam that hit her mother in law, is an easy-to-digest overview of elder fraud and ways to fight it.
Bottom line: make sure your elderly parents know they are targets, while also getting as much control of their finances as you can.
