Older adults lose an estimated $2.9 billion (yes – with a “B”) annually from financial exploitation according to the Senate Special Committee on Aging.
Perhaps your parents have received calls from fraudulent IRS employees, Security Administration imposters, alleged Microsoft representatives, sheriff’s department imposters, or other scammers who wanted to separate your loved ones from their money. It happens, unfortunately, every day of every year.
We want our loved ones to remain independent. We want to respect that autonomy. If a loved one has fallen for a scam, it’s embarrassing, and it can be perceived as a threat to their independence. Adult children – with the best of intentions – may want to take over banking, business decisions, or any number of life-control issues that only serve to make our loved ones feel threatened, insecure, and may even contribute to isolation and depression.
We need to keep our parents informed of the attempts by scammers to get personal information such as Social Security numbers, Medicare numbers, and bank account numbers. We also need to convince them that these people will go to extreme lengths to get the information. They will badger. They will threaten. They will become rude and belligerent.
Our folks need to be made aware of just how far scammers will go. Saying “just hang up” may not get to the heart of the matter. We probably need to have “the talk”!
Discuss why they need to hang up the phone, throw away the letter or delete the email because government agencies don’t make unsolicited phone calls, nor do they ask for personal information. The Social Security Administration already KNOWS your Social Security number!
Plus, those who win sweepstakes don’t have to pay money up front to collect, and oh, one can’t win a lottery one didn’t enter.
Don’t be judgmental – just point out the discrepancies.
If your loved one shares news that they are investing in a suspicious scheme or playing a “game” that has a big pay-out, ask about the rules. Sometimes this gives your loved one pause to consider. Start the conversation that helps your parents understand that the contacts are a scam.
If your parents have become victims, encourage them to report the scam to help protect others. People can learn from others’ mistakes. You also have the opportunity to encourage due diligence from your loved one as past victims are more prone to future fraud attempts. Past victims are often put on “sucker lists” for future fraud.
Be frank and up front, but don’t embarrass them or shame them. Don’t call attention to their mistakes and remind them that they need to be cautious because people will go to extreme lengths to get money and steal identities.
There is no end to the scam attempts that are being perpetuated, and unfortunately there are many vulnerable people who will fall victim. Be proactive, stay informed and help protect your loved ones.
(Ann Koegler has worked for 43 years in the field of geriatric social work and currently represents Altenheim Services in Wheeling.)
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