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Protect parents from scams/financial fraud

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Hello everyone, in this article we will show you how Protect parents from scams / financial scams. Will my parent become a victim of elder fraud? This is a growing concern for many people in their 50s or 60s. Unfortunately, the probability is high. In fact, the Center for Financial Services Innovation estimates that at least 20% of seniors have experienced elder financial abuse.

The elderly are a popular target for fraudsters. It will definitely appeal to people of all ages. But because seniors are believed to be more trusting, vulnerable and less likely to report being scammed, fraudsters often prey on this demographic. In addition, scammers target older people because they believe they are sitting on a large amount of retirement money, which is money they want to steal. In 2017, seniors reported $1.7 billion in damages due to financial exploitation, with an average loss of $34,200 per victim, according to a report by the Consumer Financial Protection Bureau.

All this is easy for fraudsters if you live in another place and cannot check incoming calls, email services and letters from fraudsters. A stern warning to parents or a request for power of attorney to manage their finances may be the way to go – but these tactics often have unpleasant emotional consequences. You should always protect your loved ones from fraud. Below are steps to protect parents from scams/financial scams.

How to protect parents from scams / financial scams

Warn them about investment scams

  • Promises of “guaranteed” high returns without any risk
  • Lack of knowledge when questions are asked
  • No documentation about their services
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    Educate them on common intimidation tactics

    If a caller or person on the Internet claims to have kidnapped a family member or is asking for money for emergency care, check with that family member first. It is better to risk an unpleasant call than to give money to a stranger for no reason. If the caller asks for immediate payment after claiming that the account has been frozen or closed, you should not trust them.

    This is suspicious and you or your parents should immediately contact the financial institution where the account is held. If the caller claims to represent their bank, insurance company, or government agency and requests payment, account information, or sensitive information, they are a scammer.

    Reputable institutions require verification and usually provide this type of information by mail or through a secure messaging service. Do not do business with a fraudulent person and call your parent’s institution immediately.

    Alert your parents to signs of cheating

  • Money transfer requests: A phone call or email from someone asking you to wire money to get a prize, purchase, or pay a fee for a job opportunity is usually a scam. Also, watch out for calls to pay with a reloadable prepaid card.
  • Challenges from government agencies: Government agencies such as the Internal Revenue Service, Medicare, and the Social Security Administration will not call or email you. These agencies communicate by mail and will only contact you by phone if you call them first. They never ask for bank transfer payments.
  • Unsolicited calls: Advise your parents to beware of calls from groups they have never been in contact with asking for their personal information. If your parents are concerned that this may be a legitimate request for information, they could hang up, find the number of the office or organization that allegedly called, and call directly to see if they tried to contact them.
  • Distress calls from grandchildren: A call from someone claiming to be a grandchild in desperate need of money could be a scam. Telltale signs include a money transfer request. Tell your parents to ask the caller questions that only their grandchild can answer, or call their grandchild directly.
  • Temporary offers: Emails, texts and phone calls from people offering a limited time opportunity to make money or invest are scams.
  • Investment with high return, without risk: An investment offer that promises high returns with no risk is a scam. All investments involve some degree of risk.
  • Free lunches: Mail offers to attend free lunches or dinner seminars are usually sales pitches for expensive, inappropriate or even fraudulent investments. Warn your parents not to participate in such events.
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    Final words

    We hope you enjoyed our article on how to protect parents from scams/financial scams. Unfortunately, those trying to trick your parents are not necessarily strangers, but can be family members, friends or carers. Therefore, it is important to warn parents about people who are close to them and could take advantage of their generosity. So, if you like our article, please share it with others.

    Originally posted 2022-08-24 18:43:41.

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