Answer: Senior citizens are often targeted by scammers due to their vulnerability. Common financial scams include identity theft, Medicare and health insurance fraud, investment schemes, sweepstakes and lottery scams, and grandparent scams.

Answer: Financial advisors play a crucial role in protecting senior citizens from scams. They can educate their clients about common scams, provide guidance on identifying red flags, and help implement protective measures such as setting up fraud alerts, monitoring financial accounts, and reviewing suspicious transactions.

Answer: Signs of financial exploitation include sudden changes in financial behavior, unexplained withdrawals or transfers of large sums of money, unpaid bills or utilities being shut off, a sudden new “best friend” or caregiver who shows excessive interest in the senior’s finances, and changes in wills or other legal documents.

Answer: Senior citizens can take several steps to protect their financial interests. These include being cautious about sharing personal and financial information, regularly monitoring bank and credit card statements, shredding important documents before disposing of them, keeping important documents in a secure place, and seeking advice from trusted family members or financial professionals before making any major financial decisions.

Answer: There are several resources available for senior citizens who have been scammed. They can contact their local law enforcement agency, report the scam to the Federal Trade Commission (FTC), seek assistance from adult protective services or elder abuse hotlines, and consult with an attorney who specializes in elder law.