How To Keep The Elderly Safe From Financial Scams
Everyone is a target for financial scammers these days but the elderly are especially vulnerable. Scammers often target the least tech savvy and most trusting. With so many lines of communication available, how can you help your elderly relatives stay safe from financial scams?
There is nothing more disheartening than having an elderly friend or relative fall for a financial scam. Not only are they out of money but they also feel taken advantage of. You don’t have to wait until after the fraud to take action! Make sure you are proactive and communicative with your elderly friends and relatives to stop the scam in its tracks.
Educate Them
Education is the answer. The best way to make sure your elderly relatives don’t fall for a scam is to educate them as to what is out there. Take some time yourself and research common financial scams that target the elderly before you start talking about it.
Give them a few tips to help them spot any kind of scam before it starts. Show them how to check email addresses and see if phone numbers are coming from where they say they are. Also explain a few of the most common scams and how they generally start. Remember that they may not be tech savvy and may not even know many of these scams exist!
Encourage Periodic Financial Reviews
One way you can keep the elderly safe without being hands on is to set them up for periodic financial reviews. You can sign them up for credit monitoring services that will alert them to any fraud and encourage them to review their credit report every year. Take advantage of any help you can get!
Be An Outlet For Them
Even after educating your elderly relatives you will still need to maintain an open line of communication with them. Dropping a lot of information that may be confusing won’t be helpful without ongoing support. Make sure they know you are only a phone call away if they ever get a call or email that seems suspect.
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