What are senior scams?
It is essential to realize senior scams or elderly scams are a common form of fraud, which our aging parents are likely to fall prey to. Another critical point is our parents work very hard to save money that would help them sail through their old age. Sadly, they are on target by fraudulent people who want to take away their hard-earned money. As responsible children, we worry about such scams. Scammers likely target statistics state elderly parents over 65.
Statics of scams
As a matter of fact, according to data published by the National Insitute of Justice Website in 2007. About 1 in 10 seniors reported having experienced some or the other form of mistreatment. Also, other data was published in 2000 by the US Senate Special Committee on Aging. States that seniors lose close to $40 billion in telemarketing fraud.
Our parents – the victims of scams
This only points to the fact that senior scams are not a modern-day problem. But has been in existence for many years. Unfortunately, with each passing year, the scenario has worsened. Furthermore, more and more seniors are victimized by such scams.
Why are seniors victims of such scams
The first thing to remember, it appears that senior citizens are the primary victims of fraud and scams. As compared to the younger generation.
The reasons for this are many:
- With age, the cognitive functioning of our parents takes a back seat.
- They have good savings for retirement.
- Loneliness is one of the prime reasons for falling prey to scams. Lastly, being lonely makes your parents vulnerable to being victims of con men.
Tips to protect your parents from scams
Fraudsters and scammers are often successful in fooling our aging parents. They ended up giving their entire life-saving to the hoaxer. Unfortunately, reports of scammers robbing aged individuals of their money are increasing. And it is our responsibility to protect our parents from falling prey to such heinous acts.
- Help your parents with their finances. First, most parents would prefer to manage their finances alone. Only a few chose to seek help from their children. However, adult children should voluntarily help their aging parents manage their finances with an understanding that with age, the cognitive faculties begin to diminish slowly. As a result, the parent might fall into any scandalous trap. So beware of their passwords and accounts. Also, keep them aware of their monthly bills.
- Educate. Education is the primary key to preventing your parents from being scammers. Tell your parents about the various scams that are using several ways to rob people of their money. Educate them about calls that want to gather information about their credit cards. Warn them about emails. That sends false claims about the lottery and contests your parents never participated in.
- Beware of new friends. In other words, if you suspect your parent is spending more time with a new-found friend. Then get to know the details about this new friend as soon as possible. Please find out more about the person to understand their motives and intentions.
- Poor decision-making. Often, our aging parents make the mistake of making rash decisions. This is a habit that may often put them into trouble. Many scam calls involve such irresistible deals. Your parents may immediately say yes; therefore, educate your parents about such scams and the so-called fake deals.
- A sudden behavior change. Suppose you notice a sudden change in the financial behavior of your parent. For this reason, they suspect something is wrong with them. For example, if a parent who used to spend a lot suddenly does not. It might indicate that they have recently lost a considerable sum of money.
Tips for handling your parent who is being scammed
Falling trap to too-good-to-be-accurate schemes has become standard for our aging parents. Hence, safeguarding them from such scammers. The following steps can help address any concerns related to scams.
- Contact financial institutions. In the case of fraud, inform the bank authorities immediately, and the accounts are sealed for fraudulent activity on a credit card. And depending on the financial institution you have an account with. The institution may reverse the charges.
- File a complaint with the police. Another key point, once you inform the financial institution, then file a complaint with the police.
- Ask for credit reports. Annualcreditreport.com is a trusted government site. You can order a free credit report to check your credit with the rising incidence of fraud among seniors. In addition, you can request free information from your parents to prevent fraudulent activity.
- Keep an eye on all accounts. You are responsible for keeping an eye on insurance policies, annuities, and investments made by your parents. Check them for a change in ownership or a switch in beneficiaries. To put it differently, according to Reister, it is one of the various ways scammers defraud seniors. By directly not taking money from our parents. These scammers can switch beneficiaries to transfer the funds to their accounts legally. This type of activity is online fraud, one of the significant ways of robbing our parents of their money.
Finally, one thing is that whenever seniors fall prey to such scams. It is essential to realize that they face extreme humiliation and are also very ashamed of what happened. As adult children, it becomes your moral duty to handle the situation. And clear up the mess by protecting their dignity without hurting their feelings. All the tips mentioned above and suggestions will undoubtedly help. This will help you handle senior scams in a much better way. For more information, check out this site.
