How to Protect Seniors from Financial Exploitation

You hear stories here and there about someone’s grandmother sending tens of thousands of dollars to the prince of Nigeria who just needs their money to recoup what their evil uncle stole from them and then they’ll be rich again and send the grandma millions of dollars as a thank you. It’s funny, right? You laugh, say how the grandma in question has lost their wits and then you go about your day.

But what if that grandma simply didn’t have anyone to protect her from a scammer? Or worse, what if it was your grandma? Scammers see seniors as easy targets, but the scariest thing about them is that most of them aren’t obvious. Not every scammer will claim to be the prince of Nigeria or the son of a late billionaire in Bangladesh. Some of them are right under your nose. In fact, they can be medical professionals or caregivers both you and your loved one trust.

So, how do you protect your elderly loved one from a scam that could leave them destitute? We have some tips.

Here are a few really effective tips on how to make sure your loved one’s money is safe.

1. Keep an Eye on Their Finances

You can do this yourself or you can assign someone you trust to do it for you, but basically, monitoring the senior’s finances is the easiest way to spot red flags. Set up alerts through online banking to be notified of any large transactions or unusual activity.

You can also do periodic reviews of their bank statements or credit reports to see if there’s anything to be worried about.

2. Legal Protection

Draft a power of attorney to make sure that the senior’s finances are protected if they become incapacitated and to minimize the risk of misuse with the added oversight.

Regular updates to the will are important, too, but most people forget about them. Outdated documents can cause a lot of problems and they can lead to unauthorized claims.

3. Educate the Senior About Scams

Teach the senior about scams because a lot of the most common ones target seniors specifically. Explain to them how to recognize red flags (like unsolicited requests for money or personal information) and they’ll be less likely to get themselves in trouble.

Tell them how important it is to be careful and to check the authenticity of any communication they get.

4. Reduce Caregiver Risks

Oftentimes, caregivers have access to the seniors’ finances, so you want to make sure to reduce any risk in this area. Check the background of any caregiver you hire and, if you’re moving the senior into a nursing home, check if they’ve had any violations or complaints in the past.

Most people think scams happen to others, but they’re more frequent than you imagine and they can very well happen to you, let alone a senior in your family.

Take a look at California. In 2023, they reported almost $6.2 billion in losses because of financial exploitation, and over 71,729 people were aged 60 and over. A 2018 report by the New Jersey Task Force on Abuse of Persons who are Elderly or Disabled showed that people aged 80 to 89 are most often the ones that are exploited. So, another example is Clifton (NJ). Did you know you’re in a state that’s ranked 44th in complaints of elder abuse? If you suspect something like that could be happening to someone, the best way to go is to hire a elder care lawyer in Clifton, New Jersey.

Here’s how to go about it. 

1. Document and Report the Issue

The first step is to get as much evidence as you can. Bank statements, receipts, emails, and anything else that can show potential fraud. This is key for building a case and proving that the elder was, in fact, exploited.

Once you have evidence, report the issue to either law enforcement, adult protective services, or the senior’s bank.

2. Get a Lawyer

You can’t do this without a lawyer, so hire an experienced one. A lawyer who has experience with issues like this can protect the senior’s rights and recover lost assets. They’ll help you get around all legal proceedings and develop a strategy to prevent something like this from happening again.

3. Prevention

After the problem is handled, all that’s left is to make sure nobody has to go through this again. We’ve already offered a list of tips on how to protect your loved one, so we’ll leave you with this – it’s not just about recovering what was lost; it’s about restoring trust.

Although this wasn’t a particularly happy subject, it was an important one. Seniors are very vulnerable, and as technology continues to evolve, they’ll be even more vulnerable unless we all do whatever we can to protect them.

But the most important thing to remember is that the best way to prevent exploitation from happening is to educate the elderly on potential dangers. If they can protect themselves, they don’t need you to do it for them.