Protecting Your Loved One From Senior-Based Scams

Protecting Your Loved One From Senior-Based Scams

Older adults are more vulnerable to scams, which can make family members feel uneasy. The National Council on Aging reports that about $3.4 billion was lost to fraud in 2023 among adults over the age of 60. The average loss per case was $34,000. It’s no wonder why family members are concerned, especially when savvy scammers seem to gravitate toward the older population when finding their next target.

While you can’t fully lock down your loved one’s phone and internet use, you can follow some realistic steps that can help protect them from fraudsters. Here are a few ways you can start.

Understand Why Your Loved One Is Vulnerable

Older adults are common scam targets for a few reasons. The first is that scammers believe that seniors have access to large chunks of money and that they can quickly take out large withdrawals from their bank accounts due to retirement funds. 

Another reason older adults are at risk for fraud is that they don’t always understand new technology. While we might never fall for clicking links on a suspicious email, older adults do not necessarily have this digital knowledge.

Finally, older adults can be at risk due to cognitive decline, loneliness, and poor judgment. If you notice that your loved one is experiencing any of these, it should put you on guard to look for potential scams.

Consider a Shared Email

If your loved one is newer to email, consider setting up an account that both of you have access to. This would allow you to check in occasionally, getting rid of suspicious emails and sending anything untrustworthy to spam before your loved one sees it. You might also consider setting high standards for that spam folder so that most mail goes there instead of a traditional inbox.

If your loved one cannot use email responsibly, or if they don’t really care about checking theirs independently, consider printing out their emails for you two to review and read together during your next visit. Or, you can make it a point to check their email together on your computer when you stop by to drop off groceries each week.

Set Up a Bill Box

Some scammers rely on scaring potential targets by threatening to shut off their electricity or to report them for tax evasion. You can eliminate these fears by having your loved one put their bills in a designated box on the counter. You can open those bills with your loved one every few weeks and ensure they are paid. This way, you can reassure them that all of their bills are up to date.

Have a Family Safe Word

Other scammers choose to prey on a senior’s love for their family members and call while impersonating a grandchild or other loved one who needs quick cash. Work with your loved one and your family members to have a family safe word. This way, if your senior loved one gets a call saying it’s their grandson who is in jail in Mexico and needs $1,800 in bail, your senior loved one can ask for the safe word. Of course, the scammer won’t know it and your loved one can hang up confidently.

Photo Source by Anna Shvets, licensed under Pexels

Check-in on Finances and Credit

Your loved one might not realize they are involved in a scam right away, or they might be suspicious but afraid to tell you about it due to embarrassment or shame. One way you can keep up with them is to schedule regular credit checks. You’ll be able to see if someone is using their information improperly and begin to take steps to remedy it.

You can also schedule regular check-ins on their finances. If you are already a financial Power of Attorney or are on their bank accounts, this can be an easy feat. Simply log into their bank accounts weekly to ensure there aren’t any strange transactions or out-of-the-ordinary withdrawals. If you don’t have access to their banking records, consider asking them if you can review their online banking records a few times per month. Let them know you’ll do it with them right beside you and you are just doing it in order to ensure they aren’t at risk for fraud.

Know What To Do If They Are Scammed

Even with all of the prevention steps in place, your loved one might still get scammed. Knowing what to do in case of a scam can help you report it more confidently:

• Don’t get angry at your loved one. Chances are they already feel shame about falling for a scam. Be gentle with them.
• Report the scam to your local police department. They will have a division specifically for handling your complaint.
• Print out any emails, bills, or other interactions that have to do with the scam. Record voicemails if applicable. The more details and records you have, the better the information you can offer to authorities.
• Report the scam to your loved one’s bank. They can help you with changing accounts, canceling payments or debit cards, and other tedious tasks.
• Begin making changes to reduce the chance of this happening again. Work with your loved one as well as financial professionals and law enforcement to make adjustments to your loved one’s internet access and banking information so that they will have less of a chance of being scammed again.

Scamming is all too common in the senior population. Be sure your loved one is protected.