Why don’t we talk about scammers targeting seniors?
Consumer scams that target seniors rake in billions of dollars a year and affect a countless number of people. It is such a widespread problem that is hardly ever talked about because of the shame and stigma of being a victim.
An estimated one in 44 cases are ever reported to the authorities, and at that rate, there’s little chance of putting a damper on this shady business.
It’s time people talked more about the realities and dangers of these scams, and there is no better place to start that conversation than at home with your own parents.
These conversations can be particularly
Encourage your senior to talk with others about what they have experienced or learned, and make sure they know how important those conversations can be in protecting, not just themselves, but others too...
challenging given the flipping of the script when kids (no matter your age) are put in the position of trying to tell their parents what to do and what not to do.
Keep in mind that this is a difficult dynamic to adjust to as parents age and children become caregivers.
Everyone hated the line “because I said so,” so it’s best to start with a plan, come prepared with supporting documents, and normalize the likelihood of this happening so that your loved ones are not caught off guard and unprepared when it does.
It takes more than just telling your parents to hang up the phone or throw out the mail without reading it. You can show examples of sweepstakes mailers or phishing emails you’ve gotten yourself and use them to point out the red flags and popular “hooks”:
• You can’t win a contest you didn’t enter.
• You should never have to pay to win (taxes, fees, etc.).
• Government agencies don’t call to ask for your personal information (Medicare or Social Security number, etc.).
• No one can remotely detect a virus on your computer.
It’s not a matter of if someone will be targeted by a scam, but when, so it’s important to be prepared ahead of time. You might try practicing what they could say if they found themselves on the phone with a scammer, or even develop a script of how to firmly decline. For example, “I will have to discuss the offer with my family first.” You can also show them how to block numbers on their cell phone after they receive a suspicious call to ward off future calls from the same number. You may also want to decide on a family code word to use when receiving a call from an unfamiliar number by someone claiming to be someone they know.
During aging, you tend to lose control little by little, so empower your senior to stay independent as long as possible by protecting themselves and others.
You can share tools and resources like the www.FINRA.gov where they can run a “Broker Check” on anyone looking
to handle their investments.
Likewise, if they want (not your) advice on investing, you can give them the number for the FINRA Securities Helpline for Seniors: 844-574-3577.
You should also talk with them about the importance of advance directives, such as a durable power of attorney, that designates a trusted person of their choosing as authorized to conduct business and access accounts on their behalf.
These can be activated right away or specify that the power of attorney’s authority does not go into effect until the person is determined to be mentally incapable of managing their own affairs by a physician.
Remember to communicate, not dictate, and try talking with your senior
instead of to your senior about the realities of scammers.
Encourage your senior to talk with others about what they have experienced or learned, and make sure they know how important those conversations can be in protecting, not just themselves, but others too from the likely reality of being a target of a current scam.
If you or your loved one has more questions about the ins and outs of these scams or what to do in the event you think you’ve been scammed, call the
BBB Education Foundation at 713-3416141.