It is becoming a common theme – an elderly person has been scammed out of their savings. Now, they find themselves destitute with the possibility of losing their home.
Unfortunately, these con artists are hard to catch. Therefore, it is imperative to take steps now to prevent your loved one from becoming their next victim.
Why do scammers target the elderly?
Con artists are looking to make money fast and easily, so they typically target our most vulnerable population. While most of us consider our elderly loved ones a precious treasure to be protected, unscrupulous agents see them as an easy target. Scammers perceive the elderly as having significant savings accumulated over a lifetime of careful financial planning, making them attractive targets for financial fraud.
One primary reason scammers focus on the elderly is their potential isolation. Many seniors live alone or are geographically separated from family. This isolation can lead to a deep desire for social interaction, which scammers exploit by posing as friendly companions or trustworthy individuals.
Technology is another factor in targeting the elderly. Their lack of familiarity with a rapidly evolving digital world can leave them exposed to various scams. Scammers may use phishing emails, call and pretend to be tech support or customer service from reputable companies or use AI to make it sound like a child or grandchild is calling with an emergency.
To protect your elderly loved one from being scammed, your first step is to educate them. Inform them of common scams and how to identify them. You will need to do this regularly as con artists find new ways to exploit senior citizens. Also, encourage open discussions about financial matters and suspicious communications.
You don’t want to strip them of their autonomy, but discuss the possibility of establishing a power of attorney to make financial decisions on their behalf. If they’re not ready to take that step, suggest that a trusted individual monitor their financial accounts and transactions. This person could be alerted for large or unusual transactions and review bank and credit card statements. This can help provide you and them peace of mind without them losing their independence.