Every year, a countless number of the senior population are taken advantage of, often costing the victim their life savings, and the funds needed to provide for their care. Sometimes these situations of fraud and exploitation happen because the victim falls for a scam, while other times it is the elderly’s own caregiver that takes advantage of a situation for personal or financial gain.
Regardless of the health or mental capacity of the elders in your family, you cannot afford not to discuss the following points with those you love.
- Avoid doing business with telemarketers. Make certain your loved ones are on the National Do Not Call Registry. Explain to your elderly family members that “offers”, “prizes”, “loans” and “investments” that sound too good to be true, typically are too good to be true.
- Remind the seniors you love often that they should never give their social security number, credit card number or other personal information to anyone over the phone, unless they initiated the call.
- Encourage elder family members to discuss any financial investments or large purchases with a trusted family member, or better yet, family members.
- Teach all family members to shred credit card receipts, bills, bank statements or any other financial or insurance related mail before throwing it in the trash. If you worry that they will not remember to do so, consider having a “garbage mail” box that a responsible family member can collect and shred regularly.
- Ensure that all home care providers, housekeepers, or other service professionals hired to come into the home of an elderly family member have full criminal background checks done prior to allowing them inside the home.
- Remind senior family members to never sign any paperwork, contracts, or agreements that they do not fully understand without a trusted family member or attorney present.
If you suspect someone you love has been taken advantage of, due to their age or their mental capacity, contact your attorney, the Adult Protective Services (APS) or Long-Term Care Ombudsman Program immediately. If you suspect credit fraud or identity theft, you can contact the credit bureaus and request a freeze be placed on the affected person’s credit to avoid costly problems down the road.
