How you can help prevent targeted financial crimes
Seniors are a common target for financial crimes. Planning and vigilance can help you protect yourself and your loved ones from increasingly sophisticated fraud and identity theft schemes.
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Is your loved one being scammed?
These red flags may signal that your elder loved one is being targeted by financial criminals:
- Atypical behaviors, particularly around money and spending
- Sudden changes to long-held financial professional relationships including lawyers, CPAs and financial advisors
- Signs of intimidation or reluctance to speak in the presence of a caregiver
- A new relative, friend or caregiver conducting financial transactions on behalf of the older client
- Social isolation
- New romances that seem out of character
Practical steps seniors can take to protect themselves
- Stay informed: Educate yourself about common scams and tactics used by fraudsters. Awareness is the first line of defense.
- Be skeptical: If something sounds too good to be true, it probably is. Be cautious when receiving unsolicited calls, emails or messages.
- Verify: Always verify the identity of the person or organization contacting you. Don’t share personal information unless you’re certain of their legitimacy.
- Avoid rushed decisions: Scammers often create urgency to pressure victims. Take your time before making any financial decisions.
- Don’t share personal information: Be cautious about sharing sensitive details over the phone or online. Legitimate organizations won’t ask for your Social Security number or financial information via email or phone.
- Check charities’ legitimacy: Before donating, verify the legitimacy of a charity. Scammers often pose as charitable organizations.
- Stay socially connected: Isolation can make seniors more vulnerable. Maintain social connections and seek advice from trusted friends or family members.