How to Protect Your Parents from Elder Financial Abuse

Nursing Home Blog

It happens every day: unsuspecting senior citizens are scammed out of tens of thousands of dollars as a result of elder financial abuse. Unfortunately, scammers these days will prey on the easiest targets they can find, which is why it’s so important for you to take measures to protect your parents or other elderly loved ones from falling victim to one of these elderly scams. Specifically, there are a few steps you’ll want to take to both educate and protect your parents.

Offer to HelpWoman helping an elderly person using laptop for internet search

If you haven’t done so already, now is the time to sit down and have a talk with your parents about their finances. If they’re open to the idea, you may want to consider offering to assist them with their finances by making sure bills get paid and other financial obligations are taken care of. This will also help you oversee their money and how it’s being used so you can help them avoid scams.

Keep Your Eyes Open

Oftentimes, financial scams targeting senior citizens occur in patterns, hitting specific communities. You can stay on top of known scams in your parents’ area by keeping up-to-date on this information. Because many elderly scams are carried out via telephone, you may also want to go ahead and sign your parents up for the national “Do Not Call” registry, and advise your parents to never give away personal information over the phone or computer.

Educate Them

Make sure your parents are aware of the common types of elderly financial scams that exist so they can recognize “red flags” before falling victim to one of these cases. For example, a common scam being run on senior citizens involves contacting them and claiming to be from the IRS, then proceeding to collect personal financial information from the victim. Advise your parents of these kinds of common schemes and how to avoid them.

Stay Vigilant

Finally, if you have access to your parents’ finances, keep a vigilant eye on them. Specifically, be on the lookout for suspicious withdrawals or strange purchases that your parents don’t remember making or authorizing.

If you believe your parents or another elderly loved one has fallen victim to a financial scam, it’s time to get to work in protecting their rights by hiring an attorney. Contact an elder abuse attorney today and set up your case evaluation with Garcia, Artigliere & Medby by calling toll-free at 1-800-281-8515.