Author: Sarah Marshall, Digital Marketing Specialist
To keep older adults in your life safe from financial abuse and other scams, use the 3-R framework:
Recognize: Educate yourself on the warning signs of financial exploitation, such as sudden changes in financial situations, unexplained withdrawals, or new "friends" taking an unusual interest in their finances. Stay vigilant and trust your instincts if something seems off.
Respond: If you suspect financial exploitation, approach the situation with sensitivity and compassion. Talk to the older adult in a non-confrontational manner and offer your support. Help them understand the potential risks and empower them to make informed decisions.
Report: Take action by reporting any concerns of elder financial abuse to the appropriate authorities including local law enforcement and your bank. Remember, banks are obligated to report suspected financial abuse to Adult Protective Services or law enforcement. Encourage victims of fraud or scams to file complaints with the relevant authorities to prevent further harm. You can find resources at the bottom of this blog.
By working together and being proactive, we can create a safer environment for our elderly family members and friends. It is crucial to foster open communication with older adults and empower them to recognize and respond to any signs of financial exploitation.
Encourage them to stay informed about common scams and fraud tactics targeting seniors, and remind them that they are not alone in facing these challenges.
In addition to vigilance, consider:
- helping older adults set up safeguards such as limiting others’ access to their personal information,
- monitoring financial accounts regularly,
- and discussing financial decisions with trusted individuals.
By taking these proactive steps, we can strengthen the defense against financial exploitation and ensure the well-being of our aging loved ones.
Remember, protecting our elders from financial abuse requires a community effort. Share this article with your friends and family.