Keeping Our Loved Ones Safe From Fraud

Tips for Protecting Elder Adults from Fraud

The good news is that there are steps families and caregivers can take to protect their elder loved ones from fraud. By staying informed and taking proactive measures, you can help reduce the risk of your senior family members falling victim to scams.

Here are some practical tips for safeguarding seniors from fraud:

Educate About Common Scams: Awareness is the first line of defense against fraud. Talk to your elder loved ones about common scams, how they work, and the warning signs to watch for. Encourage them to be cautious when answering the phone, responding to emails, or engaging with strangers online.

Encourage Skepticism: Seniors should be encouraged to question unsolicited requests for money, personal information, or financial decisions. Remind them that legitimate organizations, such as the IRS or Social Security Administration, will never ask for sensitive information over the phone or via email.

Set Up Safeguards: Consider setting up safeguards to protect your loved one’s finances. This might include establishing joint accounts with a trusted family member, setting up direct deposit for pensions and Social Security, or monitoring bank and credit card statements for unusual activity.

Block Robocalls: Many phone scams begin with robocalls. You can help reduce the risk by setting up call-blocking features on your loved one’s phone, registering their number on the National Do Not Call Registry, and encouraging them to let unknown numbers go to voicemail.

Be Cautious with Personal Information: Advise seniors to never give out personal information, such as Social Security numbers, banking details, or credit card information, unless they are certain they are dealing with a legitimate company. Scammers often use high-pressure tactics to get this information quickly, so it’s important to slow down and verify the request.

Monitor Online Activity: If your elder loved one uses the internet, help them set up privacy settings on social media accounts and install antivirus software on their devices. Regularly updating passwords and using two-factor authentication can also provide an added layer of security.

Review Financial Documents: Regularly review bank statements, credit reports, and insurance policies with your elder loved one. This can help catch any unauthorized transactions or unusual activity early on.

Report Suspicious Activity: If your loved one receives suspicious phone calls, emails, or other forms of communication, report them to the appropriate authorities. This could include the Federal Trade Commission, local law enforcement, or their financial institution. Early reporting can prevent further damage and potentially help catch the scammer.

One of the best ways to protect older adults from fraud is by creating a supportive and open environment. Encourage your loved ones to talk about any suspicious interactions they’ve had, and assure them that there’s no shame in asking for help. Many seniors don’t report fraud because they feel embarrassed or fear losing their independence, so creating a space where they feel safe to discuss concerns is crucial.

Protecting elder adults from fraud is a collective responsibility. As family members, caregivers, and friends, we can take steps to educate, support, and safeguard our seniors from those who seek to exploit them. By staying informed and vigilant, we can help ensure that our elder loved ones enjoy their golden years with peace of mind and security.