Your elderly relatives have spent decades ensuring that you and the rest of the family are looked after. At some point, however, there will come a time when these roles need to be reversed. While elderly people are often still highly independent, they can also be vulnerable, particularly in terms of financial scams.
Why do fraudsters target the elderly and what are some of the more common scams to look out for?
Elderly people can be very trusting and willing to help, even if they don’t have much money themselves. Scammers can cruelly attempt to tug on the heartstrings by posing as fake charities and manipulating elderly individuals into giving up their hard-earned savings.
Legitimate charities should be able to validate their identities and they also tend to follow strict rules against fraudulently receiving payments.
The non-existent family member
Scammers will stop at nothing to get the money that they desire, including pretending to be long-lost family members. It is not unheard of for fraudsters to pretend to be the grandchild of elderly people and beg for financial help. An elderly person may be manipulated into thinking that they owe this person something or have a moral duty to assist all family members.
If you notice your elderly relative talking about family members you have never heard of, it may be best to follow up and ensure that everything is above board.
Scams come in numerous forms and they often target the elderly and vulnerable. Fortunately, there are a number of measures you can take to protect those you care about. You might even be able to designate someone to look after the finances of your family, as a conservator, so that nothing untoward occurs. Seeking legal guidance on the matter will give you a better idea of how to go about this.