Expert advice to protect your family from elder scams
NCOA: Average loss of elder fraud victim is $34,000
(InvestigateTV) — A Federal Bureau of Investigation (FBI) report found that scams targeting the elderly cost Americans over $3.4 billion in 2023.
Social media expert Marcy Thornhill explained that as we age, we become an easy target. We are often more emotional and quick to respond to things that are threatening.
Thornhill said if parents or grandparents are slowing down and need more assistance long after retirement, it may be time to talk to them about going over their bank accounts together, talking about power of attorney and getting a good grasp on all their assets. Thornhill admits these are hard conversations.
“It’s hard for them to receive the information, because they now they feel like ‘I’m older, I’m vulnerable. I’m frail. I don’t like it, it’s uncomfortable. I got it,’ and really, they don’t,” she explained. “So now we have to, we have to frame the conversation so it’s not belittling. It doesn’t make them feel less than, but they still feel empowered to manage, while we’re still managing on the back end.”
She suggested several key steps to take:
- Get legal paperwork in order by making sure all the right names are on bank accounts.
- Gather passwords to all accounts and social media.
- Secure online accounts by setting up two-factor authentication and creating unique passwords.
Thornhill said parents or grandparents may be resistant at first and it might take several conversations over several months.
“’Hey mom, I’m doing this because I want to make sure your money is safe. That no one takes advantage of your benefits and that you’re getting everything you deserve. You’ve worked 40- 50 years you’ve earned this. Let me help you to be successful,’” she suggested. “And they’re more likely to listen because now it’s a help and not a hinderance.”
Lastly, check their credit cards statements for strange or unexplained charges and go over their credit reports to make sure no extra accounts have been opened in their name.
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