7 Tips to Avoiding Financial Elder Abuse

by Kathleen on February 19, 2013

Financial elder abuse is becoming an increasing problem in our society. The frightening part is the sophistication of these scammers:

By preying on the emotions of our seniors, they are able to convince them to wire money to unknown accounts.

The tactic they often use is to pretend to be a grandchild who has had a car accident or been arrested as the reason for the call. 

They even impersonate the grandchild’s voice during the call! 

I know of one Senior who received an email that he thought came from a beloved neice. He sent the money…

Each of us MUST make a point of educating our Senior loved ones about all the different ways that these criminals prey on the elderly. 

If this happens in your family, contact the FBI. It’s going to take vigilant citizens to stop these types of scams. You won’t be able to track the call because they use untraceable phones.

Cindy Laverty of the Care Company recently wrote about this issue in her newsletter. She recommends the following:

Alert Your Loved One:
1. Make them aware of the problem.

2. Get caller ID on the phone and tell them that if they don’t recognize the number or the name that shows up, not to answer. Someone can always leave a message.

3. Scammers don’t leave messages.

4. Never, ever wire money to a random account. NEVER!

5. Teach your loved one to say that he/she has to get her son/daughter to talk to the person. (When I got on the phone with this person, he hung up immediately.)

6. You don’t want to make your loved one frightened, but you do want to have some phone rules in place that are easy to follow.

7. Above all else: Tell your loved one NEVER, EVER to give out any personal information over the phone.

If you should experience this in your family, contact the FBI. By being proactive and vigilant, we can make an effort to stop these types of scams. You won’t be able to track the call because they use untraceable phones. 

Cindy also provided this link to the Attorney General’s office in Michigan about this very scam: http://1.usa.gov/12LupRg. There are hundreds of articles on the Internet, but this one really details the scam and how it works.

Let’s all do everything we can to protect our Senior loved ones!

Kathleen Cleary is a Caregiver Coach and Consultant helping Professional Women find the answers they need to continue living their best life while caring for aging parents. As a Certified Senior Advisor, she offers Seniors and their adult children customized plans of care as well as resources and information to help them navigate the challenges of aging.

Skype: kathleen.cleary12



For a free 20 minute consultation: click here

If you are feeling stressed and overwhelmed … or confused and afraid of the journey ahead, I can help! Let’s chat.

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