It's sad to say, but many elderly people are subject to financial scams. In this case, it's crucial for you to protect your loved ones against potential frauds, which can deprive them of money and even impact their estate planning process. AARP offers the following tips, so you can rest assured your family members are safeguarded from the nefarious actions of others.
Make phone numbers unlisted
Many scams happen over the phone. Making sure phone numbers are unlisted will prevent scam artists from misrepresenting themselves to your senior relative. It can be confusing to make a distinction between a legitimate request and a scam, especially for elderly people suffering from dementia or Alzheimer's. Taking your loved one off the list is the best way to prevent scams from occurring in the first place.
Look over your loved one's finances
You can also set up online access to a loved one's bank accounts. Look for suspicious purchases, such as a lot of transactions happening in other cities and states. Also, look at how much your relative is withdrawing money. Numerous withdrawals could indicate a serious issue, especially if the person is living on a fixed income.
Educate the elderly
Instead of shaming your family member for their actions, use it as an opportunity for education. Explain to them the inner workings of a scam and how to tell when they're being lied to. Also, emphasize that the scam artist is not only preying on this person but other seniors as well. This may offer motivation to your loved one to take action against the scam artist, as well as to take the proper steps to protect his or her finances.