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5 Ways to Prevent Elder Fraud

elder fraud

$40 billion is stolen from seniors every year

Elder fraud often goes unreported, but it’s estimated that over $40 billion is stolen from America’s older adults every year. And unfortunately, this number keeps increasing.

For now, family caregivers are the first line of defense. We share 5 practical tips that help you protect your older adult against fraud and scams targeting seniors.

5 ways to protect seniors from elder fraud

1. Check in regularly Check on your older adult’s financial situation on a regular basis. Discuss or review financial transactions, bills, and emails. That way you’ll get to know what’s normal versus activities that raise a red flag.

To learn more about helping with money matters, check out 5 Keys to Helping Aging Parents with Finances.

2. Be aware of elder fraud scams Educate your older adult about different types of scams. Scammers take advantage of victims using telephone, email, or websites.

Older adults may not be aware that people would do such terrible things or that they can be so sneaky and clever. Review and discuss the National Council on Aging’s list of Top 10 Scams Targeting Seniors with them.

3. Verify with a trusted individual Let your older adult know they should always consult with you or another trusted person before giving any personal or financial information to a stranger.

Remind them that your only goal is to help them avoid ruthless scam artists and that you aren’t trying to control their actions.

4. Remove their name from call lists Scammers can get phone numbers from telemarketing lists. Help your older adult sign up for the National Do Not Call registry to prevent telemarketer calls and reduce the possibility of elder fraud.

The National Do Not Call registry is a free service provided by the Federal Trade Commission. To sign up, call 888-382-1222 or register online.

5. Get up-to-date fraud prevention tips online The Fraud.org website offers helpful fraud protection tips and posts regular updates and information. The fraud section on Snopes.com also has great information about different types of scams.

By DailyCaring Editorial Team Image: Everything South City

This article wasn’t sponsored and doesn’t contain affiliate links. For more information, see How We Make Money.

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