With so many scams targeting an aging population, how do you protect the elders in your family? Elder exploitation is more prevalent than it has ever been with technology increasing the reach and information access. Unfortunately, exploitation can come from within their own home as well.
There are some common types of elder exploitation to watch out for.
Telephone fraud
Seniors often struggle to hear and understand things over the phone, both due to issues with hearing aids as well as slower information processing. Unfortunately, gift card scams and IRS payment scams can easily leave elderly family members broke.
Legal authority exploitation
When a family member agrees to look after your elderly loved one but instead manipulates the situation to gain control of their finances, investments and assets, that qualifies as exploitation.
Romance scams
Especially for those who have recently lost a spouse, romance scams are a leading way to steal life insurance benefits, investment funds and other accounts. Love bombing and persuasion can leave an elderly loved one believing that they are the object of someone’s affection, making it easy for that person to then steal money and assets.
Institutional exploitation
Putting an elderly loved one into nursing home care should be a positive transition to ensure adequate support. When nursing home care is weaponized as a way to punish an individual or take control of their property, that is exploitation.
Protect the seniors in your life by advocating for them at every turn. When they are unable to speak up, be the voice that they need.