For more information about the author, click to view their website: Advocate In Home Care
A bank withdrawal that's not remembered, a change in investments, increasingly confusing personal accounting. Are these just “senior” moments? Possibly. But they could also indicate somethings more sinister.
Elder financial abuse against those aged 65 or older constitutes 35 percent of all financial exploitation in the United States every year. Financial fraud can take many different forms - from blatant stealing of funds, to investments and phone scams, to identity theft - and for many seniors, a lack of knowledge about this exploitation and a lack of independent care makes them easy victims.
The following warning signs could indicate that something fishy is going on with your aging loved one’s finances.
1. Sudden changes in financial accounts - without your senior’s knowledge
The biggest and most obvious red flag signifying senior financial abuse is a sudden change in a financial account without your senior’s knowledge. This can take many forms, from large withdrawals that they don’t remember making to forged signatures that transfer account ownership.
Differentiating between the forgetfulness that accompanies dementia and the forgetfulness that could be putting your senior in danger isn’t always easy, but when in doubt, it’s better to assume caution. Sit down with your senior and examine finances together. If signatures look off or there have been uncharacteristic financial behaviors, take steps to secure your loved one’s assets. If it seems possible that it was a one-time strange occurrence, continue to regularly monitor their finances in case something more is amiss.
2. Questionable relationships
One of the most difficult aspects of senior financial fraud is facing the fact that 9 out of 10 cases are perpetrated by someone the senior knows and trusts, be it a family member, friend, long-time business partner, etc., and they typically fit a certain profile.
According to a report in the New England Journal of Medicine, "Perpetrators are most likely to be adult children or spouses, and they are more likely to be male, to have a history of past or current substance abuse, to have mental or physical health problems, to have a history of trouble with the police, to be socially isolated, to be unemployed or have financial problems, and to be experiencing major stress.”
Keep this in mind when thinking about the relationships in your loved one’s life. Although it is not easy to confront a longtime relation, it could be the key to saving your senior’s financial security.
3. Changes in investments
Most seniors use their investments to provide safe, secure income. However, brokers can change this preference to “trading,” without their clients’ knowledge, putting regular income at risk with the benefit of greater personal commission. Check in with your loved ones about their investments and ask if they’ve been promised unlikely financial gains from their stock portfolio, and request to see their investments and look for frequent or nonsensical changes. Also check to see how often their account statements have been coming in; irregular statements could be a sign of unscrupulous investors.
If you or your loved one are concerned about financial safety and would like guidance about what steps to take, our Client Care Liaisons can help. Contact us at 1-844-505-0004 to schedule your free in-home consultation and to talk to your Client Care Liaison for more information.
You thought this could never happen to you or your aging loved one: the heartbreaking loss of a hard-earned life savings as a result of a scam.But the growing incidence of older adult fraud is putting many in harms way. Its important to know how to move forward if fraud does occur.Steps to Take if You or Someone You Know is Scammed Close your accounts. If you notice any accounts under your name or that of an aging loved one that have been tampered with or opened without consent, close them immediately. Contact the police. File a report with your local police department. If the theft did not take place in your area, file a report with the police from the area where you believe the theft took place. Get a copy of the police report. You may need that documentation to support your claims to credit bureaus, creditors, debt collectors or other companies. If you are unable to obtain a copy of the police report, be sure to get the report number. Eliminate fraudulent new accounts. If a new account has been opened without you or your aging loved ones knowledge and consent, ask the company with which the account has been opened if it has a fraud department. Initiate a fraud alert. Place a fraud alert on the credit file that has been compromised as well as review the credit report. This will prevent a thief from opening any more accounts in you or your loved ones name. You should contact the major credit bureaus. If you place a fraud alert with one credit bureau, that credit bureau is required by law to contact the other bureaus. Follow-up. After a fraud alert is included in the credit history, you or your aging loved one is entitled to receive a free copy of his or her credit report from each of the credit bureaus. Important Documents for Victims of ScamsThe following are important documents to keep on hand if youve been scammed. If your aging loved one won't be able to keep the originals of some of these important documents, it is important that you make a copy. Police report Identity Theft Affidavit Bills with fraudulent charges Documentation of accounts opened in your name without your consent Copies of letters sent to credit bureaus and creditors Credit bureau contact information: Equifax- 800-525-6285 Experian- 888-397-3742 Transunion 800-680-7289 (U.S.) 800-663-9980 (Canada) If you or your loved one is a victim of fraud, acting quickly is key. Begin working through the fraud checklist above as soon as possible to help minimize the damage.
Scammers are increasingly adopting new methods to deceive unsuspecting victims, especially older adults. One of the latest threats is AI-generated voice fraud, also known as vishing (voice phishing). These scams use sophisticated AI technology to create highly realistic voices that mimic trusted individuals or organizations.Lets talk about what you should do if you receive such a call and how to protect your sensitive information.Understanding AI-Generated Voice FraudAs mentioned, scammers perform AI-generated voice fraud using synthetic voices that sound convincingly like a family member, friend, or legitimate entity such as a bank or government agency. These calls can be exceptionally persuasive and dangerous since the synthetic voices replicate the speech patterns and tone of the impersonated individuals. Additionally, fraudsters can manipulate caller ID to make it look like the call is coming from a trusted source when it is not.Common Tactics Used in AI-Generated Fraud CallsBe on alert for the following AI-generated fraud calls:Impersonation of Family Members: Scammers may claim to be a relative in urgent need of money due to an emergency. The voice will sound distressingly familiar, making it easy to fall for the ploy.Bank Representative Scams: Fraudsters impersonate bank representatives, asking for account details or prompting money transfers to secure accounts.Tech Support Scams: Callers pose as tech support from reputable companies, convincing victims to grant remote access to their computers or pay for unnecessary services.Government Agency Impersonation: They may mimic officials from agencies like the IRS or Social Security Administration, threatening legal action or demanding immediate payment of fines or taxes.Utility and Phone Company Scams: Fraudsters imitate representatives from utilities or phone companies, claiming issues with the account and requesting payment or personal details to resolve them.Steps to Take If You Receive a Suspicious CallSo, what should you do if you receive such calls that are highly convincing? Here are some essential steps to take:Stay Calm and Dont Panic: Scammers often create a sense of urgency to pressure you into making quick decisions.Verify the Callers Identity: If the caller claims to be a family member, ask specific questions only that person would know. If the caller claims to be from a legitimate organization, hang up and call the organizations official number to verify.Never Share Personal Information: Legitimate entities like the bank or the government will never ask for sensitive information over the phone. Do not provide personal, financial, or account details to the caller.Report the Call: Report the incident to your bank, local authorities, or the Federal Trade Commission (FTC). This helps to alert others and potentially track down the scammers.Educate Yourself and Others: Stay informed about the latest scam tactics and share this information with friends and family. Awareness is a key defense against fraud.If you need assistance or have concerns about potential scams, dont hesitate to seek help. At The Oberon House in Arvada, CO, we prioritize the safety and security of our residents. Contact us today to ensure your loved ones are in a safe space 303-420-7258!
Online shopping has become a convenient way for seniors to purchase everything from groceries to gifts. However, with the rise in online transactions, theres also an increase in scams targeting older adults. These scams can lead to significant financial loss and personal information breaches.Heres how seniors can recognize these scams and shop online with confidence.Recognizing Common Online Shopping ScamsThe first step to avoiding online shopping scams is to be aware of them. Here are a few common ones: Phishing Scams: These involve fraudulent emails or messages that appear to be from legitimate companies and ask for personal or financial information. These emails often contain links to fake websites designed to steal sensitive data. Fake Online Stores: Scammers create fake websites resembling legitimate online stores to lure shoppers. These sites may offer products at unusually low prices or request personal information to complete a purchase. Auction Scams: Online auction scams involve sellers who promise goods at a bargain but deliver nothing or send counterfeit items. The payment is often requested via unconventional methods, which can be challenging to trace. Identity Theft: Fraudsters may use online shopping sites to collect personal information such as Social Security numbers, credit card details, or addresses, which they can then use for identity theft.Tips for Safe Online ShoppingHere are some practical tips for seniors to ensure a safe online shopping experience:Verify the WebsiteBefore making a purchase, verify if the website is legitimate. Look for indicators such as a secure connection (check for https in the URL), a physical address, and contact information. Avoid sites with poor design, numerous pop-ups, or spelling errors, which can be red flags for scams.Use Trusted RetailersShop from well-known and reputable retailers. Major retailers and established online stores have security measures to protect customer information. If unsure about a lesser-known site, research reviews and ratings before proceeding.Check for Reviews and RatingsReading reviews and ratings from other customers can help determine the reliability of a website or product. Look for reviews on independent platforms and avoid those that seem overly positive or generic.Protect Personal InformationShare personal or financial information only through secured channels or with familiar websites. Legitimate retailers will not ask for sensitive details via email or social media. Be cautious of requests for personal information or payment methods outside standard practices.Use Secure Payment MethodsUse secure payment methods such as credit cards or well-known payment services (e.g., PayPal) when making purchases. These methods offer fraud protection and can help resolve disputes if there are issues with the transaction.Monitor Your AccountsCheck your bank and credit card statements regularly for unauthorized transactions. Promptly report any suspicious activity to your bank to minimize potential damage.Keep Software UpdatedEnsure that your computer, smartphone, and security software are up-to-date. Regular updates help protect against malware, viruses, and other cyber threats that could compromise your personal information.Seek Help If NeededIf youre unsure about an online transaction or encounter a suspicious website, seek help from a trusted family member or friend. They can help verify the sites legitimacy or offer guidance on safe shopping practices.Online shopping can offer convenience and accessibility, but its important to remain vigilant amidst scams. At The Oberon House in Arvada, CO, were dedicated to helping our community navigate these challenges and ensuring secure and enjoyable experiences. Contact us today to learn more 303-420-7258.