Every year seniors lose billions of dollars to scammers. More than 100,000 seniors fall victim to scams. And that number is likely much higher. But many seniors are too embarrassed or ashamed to report that they have been victims.
Often family members do their best to try and educate their senior parents about scams. But no matter how much you tell them about the scams that are out there and how to avoid them, any senior can be scammed. Scammers are becoming more sophisticated so that they can steal more effectively. It’s difficult for seniors and their families to keep up with the most current scams.
If your senior parent was recently scammed they are probably feeling pretty embarrassed. Seniors who have lost money to a romance scam are often so ashamed they don’t even want to tell family about it. Try doing these things to help your senior parent if they were victims of a scam:
Don’t Play The Blame Game
Chances are good that your senior parent is already feeling pretty bad about themselves. They don’t need you to blame them for what happened. Making them feel worse will only make them more reluctant to talk to you if they have a problem. Instead of blaming them let them know that you will support them and help them get past this. The fact is that these days anyone can be scammed. It’s very easy to fall for a scam even when you know how to protect yourself.
Help Them Report The Fraud
Reporting financial fraud and identity theft can be a frustrating and time-consuming process. You can help your senior parent make the phone calls they need to make. Report the scam to the bank and other financial institutions. Reporting it to the National Elder Fraud Hotline is a good idea too. That may prevent another senior falling for the same scam. It’s also a good idea to talk with a financial advisor to see what your senior parent’s options are for making up for the money lost.
Help Them Improve Security
While you’re helping your senior parent report the scam you can also help them improve their financial security. Have your senior parent add you as a cosigner on investments and on bank accounts. You can also be added to their credit cards. That way you can set up two-factor authentication security. You will also be able to flag suspicious activity and monitor their financial situation. That can help prevent them getting scammed in the future.
Get Home Care
It can be extremely difficult for seniors’ parents to admit to their adult children that they need help managing their accounts. With home care seniors get help with everything from housework and meal preparation to shopping and paying bills. It’s often easier for seniors to accept help from a home care provider rather than their own children. If your senior parent isn’t comfortable opening up to you they may prefer to have a home care provider help them.
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