Anyone, of any age, can become a victim of a scam. Older Americans can be good targets for scammers, however.
Older people have accumulated wealth in their investments and retirement accounts. People 50 and older have 83% of America’s wealth.
Older people are more likely to live alone. Some may talk to strangers to relieve loneliness.
The cognitive ability of people is assumed to decline as they get older. An obvious example is dementia. But some scientific studies have proposed a theory, age associated financial vulnerability, that says that an older person who seems to be “high functioning” may be susceptible to financial scams. One element may be that they lose their “Spidey sense” or gut feeling that warns that a situation is dangerous or trouble. Combined with a sense of fear that scammers try to instill in their victims the vulnerability of a victim may increase.
To assume that this vulnerability automatically increases with age is unfair. People age differently, some may not decline mentally as fast as others. So, there may not be a one size fits all solution.
With or without mental decline, there are things that you can do to help an older relative, or any relative stay away from a scam.
Isolation is a scammers friend. As a family member of an older person keep in contact with your older relatives. This is especially true for someone who has lost a partner to death or divorce. As you get older, try to keep in contact with your family and friends.
As a family member:
·
Have a talk with your older family member. Ask
the following questions,
o
As you get older, what are your spending priorities?
o
Do you know what a scam looks like? What would
you do if a stranger contacted you asking for money?
o
Who do you trust to help you, and how often
would you like them to check in with you about your finances?
o
If your financial decision-making starts to get
rocky, what do you want loved ones to do?
·
Scam victims often feel embarrassed. If a
relative, or a friend, tells you that they have been scammed, try to be nonjudgmental
and empathetic.
·
Discuss scams that you have heard about. That
will prepare your older loved one in case they are targeted.
·
Scammers frequently share contact information
for victims that they feel are especially vulnerable. If your older loved one constantly
receives phone calls, consider encouraging them to change their phone number and
or their email address.
·
Victims of scams often do not realize that they
are being scammed. If you are trying to convince someone that they are being
victimized, consider creating a spreadsheet accounting for all the money that
they have paid to the scammer.
·
If the victim is an older person, you can report
the suspected crimes to the Washington State Department of Social and Health
Services, Aging and Long-Term Support Administration.
Things that you can do to protect yourself as you get older include,
·
If a stranger calls you with an urgent request,
such as a grandchild is in trouble or a prize needs to be claimed immediately, stop,
and tell them you need time to consider it or you need to talk to a family or
friend.
·
Don’t send or wire money to anyone you do not
know. Scammers frequently demand payment with Google Play, iTunes, Amazon and
other gift cards. Governments do not demand immediate payment with gift cards.
·
Talk to people that you trust about your financial
goals and needs.
·
Consider granting a power of attorney to someone
you trust for making financial decisions.
·
As a check on the person who you have granted
power of attorney, consider a third party to check on your finances.
·
If you are a victim of a scam, report it to the
Federal Trade Commission, FBI, and or your local police department. Any
information that you provide can help them prosecute scammers.
American Public Media’s Marketplace podcast recently aired a series on scams and the elderly called “Brains and Losses.” Here are links to that series,
Marketplace:
https://www.marketplace.org/2019/05/17/brains-and-losses-part-i/
https://www.marketplace.org/2019/05/20/brains-and-losses-part-ii/
https://www.marketplace.org/2019/05/21/brains-and-losses-part-iii/
https://www.marketplace.org/2019/05/22/brains-and-losses-part-iv/
https://www.marketplace.org/2019/05/23/brains-and-losses-part-v/
https://www.marketplace.org/2019/05/24/brains-and-losses-part-vi/
https://www.marketplace.org/2019/05/17/where-to-find-more-information-on-elder-financial-vulnerability/
https://www.marketplace.org/2019/05/16/brains-losses-top-financial-scams-2018/
https://www.marketplace.org/2019/05/16/brains-losses-aging-fraud-financial-scams-seniors/
https://www.marketplace.org/2019/05/16/brains-losses-avoiding-financial-scams-online-tech/
https://www.marketplace.org/2019/05/16/brains-losses-protect-yourself-financial-scams-guide/
Here is how to have “the talk” about financial scams:
https://www.marketplace.org/2019/05/16/brains-losses-protect-seniors-financial-scams-how-to-talk/
Here is information about adult abuse and prevention from the Washington State DSHS,
Aging and Long-Term Support Administration:
https://www.dshs.wa.gov/altsa/home-and-community-services/adult-abuse-and-prevention
Identity Theft Resource Center:
https://www.idtheftcenter.org/help-my-parent-or-friend-is-the-victim-of-a-scam/
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