In my last column, we reviewed the alarming statistics around seniors being scammed, the financial devastation it causes and tried to answer two questions: Why don’t more people report the crime and why is it so hard to get your money back? (Click here for details.)
We left the last conversation with this question: what can be done to avoid being scammed or at least minimize the chance of being duped?
If Individuals are still the first line of defense in helping to prevent seniors from being scammed – and I believe they are – what are some specific steps we can take to help? Here are five ways consumers can help:
1. Education & Awareness
-
- Stay informed: Keep your self-updated about the latest scams targeting seniors and share this information with loved ones. Consider posting a good article on your social network.
- Communication: Talk to seniors about the risks of scams and encourage open communication so they feel comfortable discussing any suspicious activity. This may require you to ‘check’ your judgement at the door when you visit your parents.
- Recognize red flags: Help seniors recognize common signs of scams, such as unsolicited calls, requests for personal information, or pressure to make immediate decisions.
Personal story – Had my father recognized any of the three red flags above, he may not have lost $4,000 to a scammer. That scammer used ALL three of the tactics above, and if Dad could have just said, “let me sleep on it,” none of the misfortune would have happened.
2. Financial Protection
-
- Limit personal information: Advise seniors to limit sharing personal and financial information, both online and offline.
- Use strong passwords: Teach seniors to create strong, unique passwords for online accounts and to update them regularly. You might also suggest a password book or app to help them keep track of this important information.
- Secure personal documents: Help seniors secure important documents, such as Social Security cards, bank statements, and wills, in a safe place.
- Regularly review statements: Encourage seniors to regularly review their bank and credit card statement for any unauthorized transactions
3. Technology Awareness
-
-
- Online safety: Educate seniors about online risks, such as phishing emails, malicious websites, and online shopping scams.
- Secure devices: Ensure that seniors’ computers, smartphones, and tablets have up-to-date antivirus software and security patches.
- Avoid clicking suspicious links: Teach seniors to avoid clicking links or downloading attachments from unknown sources.
-
TIP: Teach seniors that if someone legitimate really wants to get to them, they will find them! Just DELETE WHEN IN DOUBT!
4. Communication Strategies
-
- Caller ID and screening: Help seniors set up caller ID and teach them to screen calls from unfamiliar numbers.
- No rush decisions: Advise seniors to take their time when making decisions and not be pressured into making immediate choices.
- Check with trusted contacts: Suggest that seniors consult a trusted family member or friend before making significant financial decisions.
TIP: Regularly call or visit loved ones to inspect what you expect.
5. Scam Reporting
-
- Document scams: In the unfortunate event of a scam attempt, help seniors document all relevant information, such as caller details, dates, and amounts involved.
- Report scams: Assist seniors in reporting scams to relevant authorities, such as the Federal Trade Commission (FTC) or local law enforcement.
Additional effective methods
- Support groups: Connect seniors with local support groups or community organizations that focus on senior protection and scam prevention.
- Financial advisors: Encourage seniors to consult reputable financial advisors or professionals before making major financial decisions.
- Power of Attorney: Consider setting up a power of attorney to allow a trusted family member or friend to help manage financial matters.
- Legal protection: Explore legal options, such as setting up trusts or guardianships, to protect seniors, assets, and interests.
- Social engagement: Help seniors stay socially engaged and connected, as isolation can make them more vulnerable to scams.
- Elderly care services: If needed, consider enlisting the help of professional caregivers who can provide oversight and support to seniors.
Remember, preventing senior scams requires ongoing vigilance and effort from both individuals and their communities. It’s a collective responsibility to ensure the safety and well-being of our seniors.
Halo Senior Move Solutions is a Senior Move Management company helping seniors and their families navigate the complexities of downsizing, selling the home, and moving later in life. Reach us at 833-284-HALO (4256) or at info@haloseniorsolutions.com.