Know the dangers. The most frequent frauds against seniors include offers for free or discounted drugs (including anti-aging drugs) or medical equipment, credit card fraud, and investment schemes. Other common scams against seniors include fake lotteries and sweepstakes that seek upfront fees to enter or collect, government imposters posing as Social Security and Medicare representatives, the grandparent scam, in which a grandchild is allegedly in serious trouble, and government imposters. Particularly when they are 80 years old and living alone, women are twice as likely as men to be victims of financial elder abuse. Both sexes are more likely to fall for “act now!” cons like fake lotteries, especially if they have Type A personalities and are used to making snap judgments. The three years following a significant stressor, such as the death of a spouse, a change in housing or health, etc.
Step 1: Unlist your parents phone number so scammers can’t get it. Consider replacing your landline phone with a cell phone, where fraudulent calls are less frequent.
Step 2: Put your parents’ addresses on the Direct Marketing Association’s opt-out lists. Once this is done, legitimate providers will not send junk mail and parents will know that what arrives is likely from scammers. Such correspondence must be reported to the US Postal Inspection Service.
Step 3: Check your credit reports at AnnualCreditReport.comto ensure that new fraudulent accounts have not been opened in their names.
Step 4: If Mom and Dad don’t heed your warnings, AARP can help. You or they can call the AARP Fraud Watch Network Hotline at 877-908-3360. Expect a voicemail greeting, but messages are usually returned within 48 hours.
Conclusion
Here they are final from our article Strategies to help protect seniors from financial fraud. Keeping the lines of communication open with your parents is the best thing you can do to protect them from any kind of scam or fraud. Whenever you hear of new scams, keep them posted. And if you see them acting in a way that puts them in danger, don’t minimize them. Instead, encourage them to seek help from you by providing support. The article is now complete and you know what to do if the elderly parent is being scammed.