How to Protect Older Adults From Financial Scams

It’s a sad reality, but many scammers and hackers go after older adults, thinking them less able to protect their finances.

That’s why our in-home care providers at Qualicare want to offer some tips on how to help an older loved one stay safe from financial scams.

As we age, we tend to have more money in the bank, especially when it comes to savings, retirement, etc. That’s part of why financial scammers want to target older adults, particularly if they are suffering from cognitive decline, which can end up making them even more of a target.

Fortunately, there are ways you can help protect the older adults in your life. Be aware of two of the most common scams:

Sweepstakes Scam

Oh, how we all wished Ed McMahon would show up at our door with a big check! However, while this dream is gone, it doesn’t mean that scammers will not still try to get older people to believe they have won a sweepstakes in the mail or even by phone!

Therefore, it’s important that older adults know—if you happen to receive a claim by phone or mail that you won a large sum of money but need to give out personal information (including banking information) in order to receive your money, just hang up the phone or throw away the piece of mail immediately. It’s a scam.

The Grandchild Scam

There is nothing better than being a grandparent, and scammers are quite aware that grandparents hold a special place in their hearts for their grandchildren.

Scammers are taking advantage of this fact. They will call pretending to be a grandchild in need of money that needs to be sent via Western Union as soon as possible.

Have a conversation with all members of the family and set up a way to ask for money if needed, such as in person or using a code word.

That way you can prevent anyone from trying to pretend to be someone they are not and having you send them money because you think it is a family member in need.

Are you looking for someone to care for your loved one at home? Contact our in-home care providers at Qualicare to learn how we can help!