Don’t Fall Victim to Elderly Fraud: How to Safeguard Your Finances

Elderly fraud is a type of scam or financial abuse that targets senior citizens. It can take many forms, including phone and email scams, identity theft, and fraudulent investment schemes.

Seniors may be more vulnerable to fraud due to a number of factors, including social isolation, cognitive decline, and a lack of knowledge about technology and financial products. They may also be more trusting and willing to believe claims that sound too good to be true.

Common types of elderly fraud include phishing scams, where scammers pose as legitimate companies or organizations to obtain personal information; investment scams, where seniors are convinced to invest in fraudulent or non-existent products; and sweepstakes or lottery scams, where seniors are told they have won a prize but must pay a fee to claim it.

Seniors can protect themselves from fraud by being cautious and skeptical of unsolicited phone calls, emails, and mailings. They should never give personal information, such as Social Security numbers or bank account numbers, to anyone they don’t know and trust. Seniors should also consult with a financial advisor before making any major investment decisions and should regularly review their credit reports for any suspicious activity.

Seniors who suspect they have been the victim of fraud should contact their bank or financial institution immediately to report any unauthorized transactions and freeze their accounts if necessary. They should also contact the Federal Trade Commission and local law enforcement to report the fraud and get assistance with recovery. Seniors may also want to consider hiring an attorney who specializes in elder law to help them navigate the legal process and protect their rights.