Recent forecasts from the Census Bureau indicate that the number of people 65 and over will quadruple to 80 million during the next 30 years. Older People naturally own a far higher share of the nation’s wealth since they have worked and saved for a longer period of time than their younger colleagues. Thus, they need a financial advice for seniors, like the Getcarefull.
These numbers are all too well known to con artists, who are always coming up with new ways to steal money from the elderly. The imagination of a criminal knows no bounds.
Tips to protect our seniors from financial abuse-
Scams are twice as likely to target women over 75 and those who have cognitive problems. Everybody is in danger because elder financial abuse is an “Equal Opportunity Crime.”
Watch and defend
Refute any charges that seem erroneous on a bank or credit card statement. Keep your checks, credit cards, valuables, and private information secure in a safe location.
Gather your change
It is natural to anticipate receiving change back when you hire someone to conduct an errand for you. It is still your money, no matter how little. To get your change, ask.
Be logical and emotionless
If someone asks you for money while fabricating a story of misfortune (such as a lost job, a foreclosed home, or past-due notices), we advise checking the details first. After that, wait a few days before deciding if you can assist.
Your own invoices
Ask to examine the past due notice if a family member claims they need money to pay the gas or electric bill or their mortgage. Rather than giving your loved one cash, write a check to the creditor for the amount owed.
Publish a contract
If you decide to lend someone money, create a straightforward contract that outlines your demands for repayment, including the time frame, interest rate, and other details. Suppose the same person returns a second time without paying back the sum borrowed the first time.
Have the courage to refuse!
Know that you have the right to refuse requests for your hard-earned money. Their financial difficulty is not your concern, and they have other options, including taking out a loan. Their financial difficulty is not your problem, and they have other options they can look into, including taking out a loan or changing their lifestyle to save money.
Ask for a second opinion
An objective viewpoint might be provided by an impartial third party. If you have been defrauded or duped, do not feel guilty or embarrassed. Few occurrences are recorded because of the embarrassment that comes with being the victim of this crime.
How Can Elder Financial Abuse Be Reported?
If you believe someone is a victim of elder financial exploitation, follow these seven steps:
Make contact with your local adult protective services organization
Although the organization in your area may go by a different name, all Adult Protective Services organizations are designed to assist elderly and disabled persons who have experienced abuse, exploitation, or neglect.
Make contact with the authorities
Call 911 if you think an older person is in immediate danger and desperately needs assistance. Call the non-emergency hotline for your neighborhood police or sheriff’s office in other circumstances.
Inform the local prosecutor’s office about any potential abuse
The older adult’s county prosecutor may be able to file a criminal complaint against the person who committed the financial abuse.
Notify the bank about the elderly individual
Inform the older person’s bank, credit union, credit card issuers, and other financial services providers if you have discovered suspected abuse connected to financial accounts.
The experts of financial advice for seniors claim that the fact that older people are frequently kind and trustworthy exacerbates the issue. They frequently hesitate to report financial fraud because they don’t know how or they feel embarrassed to admit they were victims because many of them have significant assets, such as a home or retirement account. Additionally, a lot of elderly persons experience memory loss and other cognitive problems, which can exacerbate the issue.