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Talking with senior citizens about money concerns

There are scams everywhere, not just from self-appointed Nigerian princes with an email account. While the Nigerian Email Scam is well known, predators take advantage of the vulnerable through phone calls, mailings, emails, and in person. Approximately 10 percent of people over 65 are victims of elder abuse, and financial abuse is a leading issue. It’s a crime that has serious consequences on the physical and mental health of senior citizens in addition to their financial well-being.

The best defense against such scams is to plan ahead. By establishing financial trust with your family members, you can create as a line of defense before scammers get too close to aging and vulnerable loved ones. Like most of life’s important decisions, it begins with a heart-to-heart between family members.

Beware of IRS phone scams

When your phone rings, the last thing you expect is for the Internal Revenue Service (IRS) to be on the other end. They address themselves and automatically you tense up. Why would the IRS be calling you?

They’re claiming you owe them money and are insisting on immediate payment. They may have also alleged that certified letters were mailed and returned as undeliverable. But how could this be true? You’ve always paid your taxes and never once had an issue. Yet they are relentless with their payment demands and threatening jail time if you don’t comply.

When your elderly family members need help: Is someone hurting Grandma?

If you grew up near your grandparents, you probably have very fond memories of spending time with them. But as they aged, they may have started experiencing health problems or cognitive issues. For example, Grandma may have some form of dementia that makes it impossible for her to take care of herself.

Grandpa may have had several strokes leaving him unable to communicate and struggling to manage finances. Often family member try to help in these situations, but just as frequently, they hire caretakers or financial advisors whom they then rely on to care for the elderly family members.

Grandma won the lottery! (Or was just scammed)

In this technological age, we often forget about snail mail, but scammers haven’t. Increasingly scammers are using traditional mail to target the elderly. This may be because many older people are not on social media and do not use email.

Many older adults also still write checks. Scammers are on to this and have tailored their fraud campaigns to checks.

Who Scams The Elderly?

Our population is aging. As our families grow older it our lives get busier. Often we are working full time with kids in school and trying to care for our aging parents. This job gets tougher if we live across town or across the state.

Who scams the elderly?

Tips to help elderly parents avoid phone scams

Phone scams are becoming more and more common. Sadly, elderly people are often be a target because they may not know any better or realize that the phone call is not from a legitimate source. You may be able to protect your loved ones financially by teaching them about the warning signs of a scam. Here are 3 quick lessons to share with them:

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