As caregivers of elderly parents and in-laws, we’re often overwhelmed by the multitude of concerns that arise. When beginning to navigate this complex landscape, a key question we ask is, “What do you know?” This question encompasses many aspects: health, finances, legal matters, home safety, and relationships. By addressing each topic, we uncover the many areas that need attention to create a comprehensive plan for future care.

During these discussions, stories often surface, revealing the vulnerabilities our loved one’s face. One story that stands out begins like this:

“My father-in-law gave $10,000 to a phone scammer.” I sit quietly, waiting for the rest of the story to unfold. He took a call from a number he did not recognize. The caller engaged him in a friendly conversation, telling him he had won a substantial amount of money. To collect his winnings, he was told he needed to send a small check of $1,000 and open a bank account into which they could deposit his prize. Then came another call, and another. They were engaging, making friendly chat, and he fell for it. The money kept going out, and nothing came into the account. His wife discovered the scam when she tried to pay the bills and found the account drained. She told her son and daughter-in-law, but by then, the damage was done.

This story is, unfortunately, not uncommon. You might think, “My parents would never fall for this,” yet it continues to happen. According to an AARP study, nearly 60 billion scam calls were made in 2021, with older adults being prime targets. The Federal Trade Commission (FTC) reports that individuals aged 60 and older accounted for nearly $1 billion in fraud losses in 2020 alone.

Why Are Older Adults Targeted?

Older adults are often targeted by scammers because they may have accumulated more financial resources, tend to be more trusting, and might be less familiar with the latest technology and fraud tactics. Scammers exploit these factors using sophisticated methods to deceive and manipulate their victims.

Recognizing Common Scam Tactics

Understanding common scam tactics can help in preventing these frauds:

• Imposter Scams: Scammers pose as government officials, tech support, or family members in distress. NEVER give anyone your personal information like social security, bank account numbers or credit care information. Most banks and Medicare and Social Security WILL NOT call you for this information.
• Prize and Lottery Scams: Scammers claim the victim has won a prize or lottery, but they need to pay fees or taxes upfront to collect their winnings.
• Robocalls and Telemarketing Scams: Automated calls that solicit donations or offer products and services, often pressuring the recipient for immediate payment.
• Family Member Scams: A relative or family member calls asking for money because they are in a bad way.

Solutions to Prevent Scam Calls

Preventing scam calls involves a combination of awareness and utilizing available tools and resources:

• Register on the National Do Not Call Registry: This reduces the number of legitimate telemarketing calls.
• Use Call Blocking Technology: Many phone providers offer call-blocking services. Apps like Nomorobo, Hiya, and Truecaller can help screen and block potential scam calls.
• Educate Your Loved Ones: Ensure they know never to share personal information over the phone unless they are certain of the caller’s identity.
• Enable ‘Do Not Disturb’ Mode: This feature on smartphones can silence calls from unknown numbers.

What to Do If Scammed

If you or your loved one has been scammed, immediate steps can mitigate the damage:

• Contact Your Bank: Notify them of any fraudulent activity. They can help secure accounts and prevent further unauthorized transactions. If your family member has been scammed, you may be able to restrict how and what they can access.
• Report the Scam: File a report with the FTC at ReportFraud.ftc.gov and your local law enforcement. This can help authorities track and combat fraud.
• Monitor and/or Freeze Credit Reports: Regularly check credit reports for any suspicious activity. You can get a free report annually from each of the three major credit bureaus at AnnualCreditReport.com.
• Seek Emotional Support: Being scammed can be traumatic. Encourage your loved one to talk about their experience and consider professional support if needed.

Protecting Your Money

In addition to preventing scam calls, it’s crucial to adopt practices that protect financial assets:

• Secure Personal Information: Keep sensitive documents in a safe place and shred any that are no longer needed.
• Use Strong Passwords: Create strong, unique passwords for online accounts and change them regularly. Use a password monitor or safe on your computer or biometrics.
• Enable Two-Factor Authentication: This adds an extra layer of security to online accounts, making it harder for scammers to gain access.
• Stay Informed: Regularly update your knowledge on the latest scams and fraud tactics. Resources like AARP’s Fraud Watch Network can be invaluable.

Final Thoughts

As caregivers, staying vigilant and proactive can significantly reduce the risk of our loved ones falling victim to scams. By educating ourselves and our loved ones, utilizing available tools, and knowing how to respond if a scam occurs, we can create a safer environment for those we care for.

Remember, knowledge is power, and together we can outsmart the scammers.

AARP is a great resource for articles on how to protect yourself and your family.

https://www.aarp.org/money/scams-fraud/