Signs your elderly relative is being bilked
Ten percent of people older than 60 suffer from some form of financial exploitation every year. These statistics not only include con artists, but also predatory marketing practices from retailers and even shady charities.
Those money problems often go unreported because the seniors are too embarrassed to share what happened. But it almost never happens just once. A single incident might be a sign of increased, vulnerability, but it has also put mom or dad on someone s target list. That’s why it’s important for adult children to keep an eye out for money problems their elderly parents may have.
True Link Financial has put together a checklist of signs of potential money problems that adult children can look for when they visit elderly parents.
1. Missing funds. This is the obvious one. If mom is a victim of elder financial exploitation, whether it’s by a family member, a fraud ring or a predatory marketing scheme, she’s going to have less money as a result. Watch for unpaid bills or extra credit cards lying around and keep an eye on the gifts being given during the holidays. If she’s giving dramatically less or dramatically more this year compared to last year, it could be time to have a conversation and check out her finances.
2. Lots of phone calls from telemarketers. Telemarketers know that older adults are particularly vulnerable to their tactics. And once they discover a viable target, the calls can come nonstop, even if your parent is on a Do Not Call List. Take note of how many calls come during your visit. You may be surprised to find out that telemarketers call your parent more often than you or the grandkids do. Every one of those calls is a financial mishap waiting to happen.
3. New friends. All too often, these senior entrapment schemes rely on the perception that the senior is susceptible, isolated or even lonely. This is a tactic used by con artists, malicious caregivers, predatory telemarketers and deceptive infomercial offers alike. The more they build a trusting relationship with your elderly relative, the more likely they are to get their money. If someone is suddenly spending a lot of time with mom or dad, get to know who the person is and what the nature of the relationship is, and it might be a good time to do a quick review of your parent’s bank accounts and credit cards.
4. Small clues in conversations. If mom says something that doesn’t quite make sense, you might brush over it. If she mentions her grandson’s trip to Mexico, you think to yourself, “Oh, she must mean Florida and got confused.” However, she could be talking about falling victim to the grandparent scam, in which someone posing as a relative in a tough situation cons the elderly person into wiring money abroad.
5. Unusual gifts. Family is often the most important thing to a senior, so gifts for family members are often used as bait for financial entrapment by deceptive merchants. They might offer four for the price of one as part of a misleading sales pitch, so the other three become gifts for family members. Or a sweepstakes or lottery winnings fraud will claim that a senior is going to get to take their family on an exciting trip abroad.
6. Secrecy. Seniors suffering from financial entrapment often feel fear or shame about the situation they are in. If mom suddenly doesn’t want to talk about money anymore, that’s exactly the time when you should be having a conversation about money.
Talking about the aging process can always be uncomfortable. But spotting these problems early and taking meaningful steps to address them will be better for both you and your parents in the long run.
True Link protects elderly and cognitively impaired people from scams, fraud and financial exploitation by providing them with a safe form of payment to make daily purchases. Family caregivers set up and use True Link’s service to monitor their loved ones’ spending and prevent unwanted purchases from pushy telemarketers, predatory mail solicitations or sweepstakes scams. For more information, visit TrueLinkFinancial.com.