Unfortunately, senior citizens are often the main targets of financial scams. Although many people are at constant risk of being part of a financial scam, seniors are targeted most often because they are thought to be unaware or uninformed. Seniors should make a point to stay well informed about their financial affairs and be aware of any potential risks.
Be Careful Who You Trust
Many senior citizens believe that strangers will target them, and they very well might. However, 90 percent of reported elder abuse is committed by family members. If you notice that family members are frequently suggesting getting a joint checking account with you, do not commit. If you often hear them promising to provide care for you in exchange for money or valuable items, do not accept. Even if you do not have a significant monthly income, people will still believe that you willingly give your money away and people need to understand that it is not true. Designate someone in your life that you are sure you can trust and keep them informed about your financial affairs. It is important that someone trustworthy understands how much money you have and where that money is going.
Refuse All Solicitors
If someone shows up at your doorstep that you do not recognize, do not answer the door. If you do answer the door because you are expecting a visitor for instance, be extremely caution. If the person is asking for money for a charity, tell them that you want written materials that you can review in order to gain more information. If the person does not have written materials of any kind, they are likely a solicitor looking for quick cash. However, some solicitors will have fake pamphlets. Take any materials given to you and tell the person you would like to review them with a family member first. Never give your credit card information out to a solicitor, in person or on the phone. If you suspect someone is a solicitor, ask them for their first and last name, telephone number, the street address of their organization, and their business license number. If they cannot provide you with this information or hesitate to do so, do not give them money.
Continue to Socialize
Senior citizens often find themselves isolated. Many seniors rarely go out with friends or peers and frequently stay at home alone. By isolating yourself, you are making yourself a bigger target for a financial scam. If you have family members with bad intentions, isolating yourself will make it easier for them to take advantage of you. You should do whatever you can to make sure that you continue to socialize with others. Use the Eldercare Locator to find organizations that can help you stay active, regardless of your current medical condition. Many neighborhoods have senior centers as well. Get in touch with a senior center near you and find out how to get involved in the activities.
Make sure you stay aware of your financial situation as a senior citizen to ensure that you are not taken advantage of. You have every right to your finances and the people in your life should respect that.
Visit BEK Medical for more senior citizen news and advice.
