4 Ways To Help Protect Aging Loved Ones From Misinformation

For those of us with aging family members, there is always a worry that they might become the target of misinformation or become swayed by something false they see on TV, through an email scam or by a fraudulent phone call.

According to a 2019 Senate Special Committee on Aging report, older adults lose an estimated $2.9 billion annually from financial exploitation alone. This is just the tip of the iceberg as it’s well-known that many seniors under-report cases of fraud or misrepresentation due to embarrassment over falling for a scheme or because it involves family members or friends.

Financial fraud is just one of the many ways aging loved ones can be taken advantage of. Seniors may be tricked by people claiming to be from the government or IRS, demanding their social security number or tax returns. More recently older adults have been the victims of census-worker fraud. Seniors have reported letting strangers into their homes thinking they were census-takers, only to find out they were robbed later on.

Also, elders have more recently been threatened with physical harm to themselves or to their loves ones by con artists demanding cash, bank account numbers or social security numbers. Worse yet, fraudsters are using COVID-19 fears to scare older adults into giving personal information in person or on the phone. These scammers pose as healthcare workers offering new “vaccines” in exchange for their Medicare card or for an exorbitant price.

What can be done to protect your senior loved one from misinformation and fraud?

1)     Plan a personal information review with a trusted family member or their power of attorney. Review the reasons why giving out personal information can be dangerous, and map out how your loved one should respond to requests for their personal information, whether by phone, in an email or in person. It may be a good time to suggest your loved one forward any personal information request to you or their caregiver for review first to avoid any potential risks beforehand.

2)     Plan a financial review of their accounts and payments. Once you have a written list of expenses, income and how they are being managed, you will have a clearer picture of their financial status. Consider automatic deposits, and automatic payments to lessen the need for writing and mailing checks. Consider making all payments come from one account or card, to keep better track of these every month. Eliminating sending checks or cash can prevent potential financial fraud.

3)     Discuss having yourself or a trusted family member or guardian added to their accounts as a safeguard. This can be a touchy subject, but if handled as a way to protect their assets, a loved one may agree to this as a safety measure. Banks can set up alerts and notifications when money is being taken out over a certain threshold to help prevent fraudulent activity.

4)     Suggest adding a family member or guardian to their email accounts. Many seniors are bombarded by fake charity appeals, fraudulent bills for things they never ordered nor received and email scams from long-lost “relatives” needing bail money or cash for medical bills. Consider changing the passwords, or even setting up a new email account that very few have access to.

As more and more seniors are still active on computers via email and social media channels, they are at a heightened risk of becoming victim to sneaky and increasingly savvy scammers. These ne’er-do-wells make a living out of trying to separate seniors from their money, and as a caregiver or loved one, you can be the gatekeeper, keeping your senior loved ones safe and financially secure.