Protect your senior and vulnerable family members from fraud
Financial Fraud Devastates Elderly and Intellectually Disabled Individuals by $3 Billion Each Year
What counts as Fraud?
(Elder) Fraud are scams run by criminals that attempt to take advantage of seniors’ (and/or vulnerable people) goodwill or kindness to steal their identities and/or money.
These scams can look like a text message or email from the senior’s health insurance, or an email about winning a prize from a sweepstake they never entered.
Seniors and other vulnerable individuals can fall victim to these scams due to their general politeness, and/or being unable to discern foul play due to a medical condition.
What Are Financial Scams to Look Out For?
Because fraud and other cybercrimes can occur in a number of ways, it’s important to know what a scam attempt looks like.
● Robocalls: Phone calls from local or toll numbers with automated voice recordings that ask for personal identification, and possibly threaten legal action if the information isn’t given. Caller could pose as an employee of the IRS or Social Security Administration (SSA).
● Grandparent scams: Baits grandparents by posing as a grandchild or loved one. The caller pretends to be in trouble and in need of money.
● Medical care/insurance scams: Calls or texts from scammers that pose as a representative of the individual’s healthcare insurance. Scam will likely say the individual owes a bill, or that their coverage has changed and needs to be paid to be continued.
● Internet scams: Emails and/or pop-ups that can include romance scams (posing as a person interested in dating but needing money for a financial problem), lottery winnings or downloading an antivirus software that requires payment.
How to Protect Your Loved Ones From Scams
Some phone plans offer scam shields that automatically label unknown caller IDs as “Scam Likely,” as well as most browsers and email accounts filter these scams by blocking the pop-up, or sending the email to spam.
However, if your loved one isn’t familiar with these features, they may still be at risk of having their money stolen.
*****************************
The best ways to protect your family members from financial scams are:
● Strengthening their cybersecurity: Educating your loved ones about the antivirus software for their devices (laptop, cell phone, etc.), and what to do when browsing the internet or checking their email, helps stop scams before they happen. Work with them to create a plan with you or another trusted loved one about receiving unexpected notifications or giving away personal information on a website.
● Monitoring their spending: Make a plan with your family member to only discuss financial matters with you, a trusted loved one or fiduciary. Whether it’s making big purchases or creating custom account alerts, help your family member to track their money and spend cautiously.
● Enroll in identity theft protection: Most banks and internet providers offer fraud prevention. Check with your provider to see what plan would work best for your loved one. Other services like LifeLock help keep your family member’s information secure whether it’s credit or identity scams. Make sure your loved one has the information on hand of who to call to report possible scams.
Financial Security for Your Family
Financial fraud can put unsuspecting seniors and vulnerable people—and their families—in debt without the option to replace the funds lost. Knowing the signs of fraud, and informing your family members, is the first step in preventing your loved ones from theft.
Your financial security matters. If you need assistance with creating a financial plan to help your loved ones fight fraud, Fyvie Financial is at your service. Our Financial Planners are happy to strategize a plan of attack based on your loved one’s financial goals and needs.
Click here to book your free discovery call today.
Citations:
● Statistics Link: https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/elder-fraud
● Aegis Living. (2021, March 2). 10 Tips To Protect Seniors From Financial Fraud | Aegis Living. https://www.aegisliving.com/resource-center/10-tips-to-protect-seniors-from-financial-fraud/
● Jargon, J. (2021, January 23). How to Protect Seniors From Online Fraud and Phone Scams. WSJ. https://www.wsj.com/articles/how-to-protect-seniors-from-online-fraud-and-phone-scams-11611410401
● National Council on Aging. (2021, February 19). Top 10 Scams Targeting Seniors. NCOA. https://www.ncoa.org/article/top-10-financial-scams-targeting-seniors