Research shows that Americans over the age of fifty control more than seventy percent of the nation’s wealth. This often makes them a target of con men and fraudsters, who steal an estimated $37 billion annually. Below are five ways that assisted living helps.
Reviewing Annual Credit Reports
Retirement community caretakers who suspect residents might be the target of financial scams may request a copy of their annual credit report, which can then be assessed to ensure all the information is accurate. If there are any irregularities or errors, they should be addressed immediately.
Watching for Common Signs of Fraud
There are a number of telltale signs that a retiree may be the victim of fraud. Examples of these include:
- A retiree known for their frugality suddenly makes substantial withdrawals from their account
- A retiree known for always paying their bills on time is suddenly getting collection calls, has unpaid bills or there are insufficient funds in their bank account
- Withdrawals are frequently being made by ATM even though the elder normally makes such withdrawals in person
Any of the above behaviors on the part of retirees should be a cause for concern. Most people over the age of 65 handle their finances in a specific way and any deviations from their normal behavior should warrant scrutiny.
Purchase and Use a Shredder
While the majority of financial institutions are now using electronic statements and documents, some elders still prefer receiving their financial documentation in physical form. As a consequence, they will regularly receive receipts, credit card offers and fiscal statements, all of which you’ll want to place in a shredder after use to ensure they don’t fall into the wrong hands.
Beware of New Lovers or Friends
Loneliness is common among retirees, and cunning criminals will use this to their advantage, attempting to befriend these individuals in an effort to gather information which can later be used for insurance scams and to gain access to safes, safety deposit boxes or vaults.
Beware of younger men or women who are unusually attractive and charming and who display a romantic interest in someone that is much older than them. Their interest could be legitimate, but more often than not, they are attempting to weasel their way into the lives of their target so they can seize their valuables. While threats often come from strangers, even family members can be a source of trouble.
Prioritize Cyber Security
The internet has been around for more than a quarter of a century, and its wide adoption worldwide over the last decade means that a growing number of retirees are using it, which was not the case in the past.
Elders who are just getting started with online shopping and social media should be taught the dangers of online fraud, and how to properly connect to people without exposing sensitive information that can be used against them. They should also learn the importance of using a firewall and how to surf the web without becoming infected by viruses or malware.
