What Should You Do If It Is Possible an Elderly Parent Is Being Scammed?
In the post-pandemic era, older adults face heightened isolation and vulnerability to financial exploitation. The majority of elder financial abuse cases reported to agencies involve people known to their victims, including relatives, neighbors, and so-called “friends.” Elder fraud costs an estimated $36.5 billion annually, according to the National Council on Aging.
Red Flags to Watch For
Out-of-Character Spending
Monitor your parent’s financial statements closely. Unusual purchases or large withdrawals – especially those they do not remember – warrant immediate action. Contact the bank promptly and consider freezing the card. Creating a transparent financial monitoring system where family members can track accounts helps detect scams early.
New Best Friends Who Seem Inappropriate
Isolated seniors are susceptible to offers of friendship, particularly when accompanied by financial requests. Scammers often isolate victims from family members and create dependency by handling finances or managing daily tasks. Increased family involvement serves as a deterrent.
Cognitive Decline and Dementia
Individuals with Alzheimer’s or dementia become especially vulnerable when third parties gain access to sensitive information like Social Security numbers or passwords. The solution involves designating trusted family members on accounts and requiring notifications for any changes.
Mobility or Frailty Issues
Elderly individuals unable to manage finances independently become targets for unscrupulous helpers. Setting up automatic bill payments for recurring expenses protects assets while simplifying their lives.
Prevention Strategy
Regular involvement with an elderly person’s life is the best deterrent. Family presence acts as a protective barrier against financial exploitation.
If you suspect an elderly parent or loved one is being financially exploited, contact The Stegall Law Firm. We can help you understand your legal options for protecting vulnerable family members.
