Protecting Our Seniors: Preventing Fraud and Financial Exploitation
Fraud is more prevalent than ever, and unfortunately, many elderly adults have fallen victim to scams. This Fraud Prevention Month, we’re raising awareness to help protect our beloved seniors from financial abuse and exploitation.
Recognizing financial elder abuse isn’t always easy﹣it can be subtle but devastating. Watch for warning signs such as disappearing valuables, unusual bank activity, unauthorized credit card use, or pressure to change legal documents. Fraudsters often deceive seniors into signing financial agreements, diverting their funds, engaging in a fake romantic relationship, or even promising lifelong care in exchange for property. Protect your loved ones by staying vigilant, verifying transactions, and reporting suspicious activity. It’s a delicate balance between respecting our seniors’ independence and ensuring they aren’t being taken advantage of.
Keeping seniors safe from fraud starts with a few steps:
Educate them about common scams
Talk to them about phone, email, and online scams, such as fake tech support, IRS impostors, and lottery fraud.
Lower their financial risk
Help them switch to a lower-interest credit card and set up automatic bill payments to avoid missed payments.
Monitor their accounts
Enable credit monitoring to catch suspicious activity early.
Set up transaction alerts
Enable text or email alerts for large purchases, withdrawals, or account changes.
Reduce unwanted offers
Remove their information from marketing lists here and consider unlisting their phone number.
Limit scam calls
Have their mobile phone reject unknown callers and cancel the landline (or at least silence it and send all calls to voicemail).
Use call blockers
Install a robocall blocker that only allows calls from a trusted contact list.
Appoint a trusted financial advocate
If needed, consider a Power of Attorney or financial guardian to oversee their transactions.
Beware of “sweetheart scams”
Romance scammers often target lonely seniors. Encourage open conversations about any new “friends” asking for money.
Taking these steps can protect your loved ones from common fraud tactics and give you peace of mind. Stay vigilant, verify transactions, and report suspicious activity as soon as possible. If you suspect financial abuse, contact your local Adult Protective Services office immediately.
In California: Submit a complaint online at dfpi.ca.gov/submit-a-complaint or call 1-866-275-2677 to report fraud.
We understand how important it is to keep your loved ones safe – not just from scams, but in every aspect of their care. Our compassionate caregivers provide trusted, professional support, ensuring seniors stay safe, comfortable, and independent in their own homes. Contact us at (310) 450-0660 to learn how we can help protect and care for your family.
Together, we can safeguard our seniors from financial exploitation and ensure they receive the quality of care they deserve.
