How to Protect Your Parents From Elder Scams and Scams
Losses from elder scams, including tech support scams, “grandma, I’m in jail” text messages, and romance scams , have reached nearly $2 billion annually. There are a disconcerting number of people trying to rip your grandmother off, which means you really should be doing something to prevent the elderly people in your life from falling victim to fraud and racketeering, even if it’s just to protect your own inheritance. . These soulless jackals are everywhere, and you may be your dad’s (or your pop’s) last line of defense against them.
And this is simply an obviously illegal scam. There’s no telling how much money our Meemaws and Peepaws people have lost due to barely legal scams such as auto repair insurance schemes and donations to fraudulent (but legitimate) charities . Here are some tips that can help you keep your elderly parents and grandparents’ savings out of the hands of hackers, scammers and scammers.
Find out who has fallen victim to elder scams
The stereotype of an older person who is a victim of fraud as isolated, weak, depressed or uneducated is not supported by research. educated people are no more susceptible to fraud than educated people; Depression and isolation are also not indicators of victimhood. In fact, the single trait that elder fraud victims most often share is psychological well-being . Just because your elderly parents are hopeful and seem to be in the know doesn’t mean they won’t lose their home to a reverse mortgage or give away their life savings to crypto scammers.
There is reason to believe that many scams are successful due to simple manners rather than ignorance of technology or lack of education. Older people are more likely to spend longer on the phone with a stranger because they are more polite, and the longer someone talks to a scammer, the more likely they are to become a victim.
How to Talk to Elders About Cheating Without Ruining Your Relationship
Talking about money with a parent or any older person you’re close to is important, but it can be extremely difficult. The role reversal of warning an elder about predators and casting yourself as their protector can cause serious family strife—no one wants to hear that they can’t be trusted to make their own financial decisions, especially from their child. When you do have this conversation, seek understanding and cooperation instead.
“Start with your situation,” Elizabeth Lowy, former chief of the elder abuse unit at the New York County District Attorney’s Office, told Fidelity . “You may say, ‘I need a second look at my financial accounts.’ Could you get alerts if something happens? I can do the same for you. You make it a two-way street.”
Explain the basics of how financial fraud works.
While there are too many scams and shady businesses out there to cover every option in detail, recognizing a few common themes can help your relative protect themselves from most of these schemes. So, explain the following:
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No reputable company or agency will require payment in gift cards . Because they are difficult to track, easy to purchase, and can be shipped worldwide, gift cards are the preferred payment method for many illegal scams of all types.
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You can always say: “Let me call you back.” Many scams would fail if victims had a chance to think about what they were doing, so scammers and sellers add urgency to their offers. Make sure your parent knows they don’t have to do anything right away. Try to convince them to ask you about it before they do anything.
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Law enforcement doesn’t make phone calls if you have “problems.” So does the IRS. Make sure they know government agencies won’t suddenly call and threaten people.
Show them media that will prove your point.
Sometimes it’s best to let a trustworthy stranger explain the situation. This takes interpersonal drama out of the equation, and many parents trust “experts” more than they trust their own children. While there are many articles you can submit to Reader’s Digest detailing financial elder abuse, many people will be offended that you think they need to read them, so you may have to get creative. My mom didn’t like reading at all, but she liked seeing justice served to people who deserve it, so I sent her YouTube “scam” links so she could talk about it all day. Then, to open the topic, I asked if she ever received calls like this (she gets about 20 calls a day).
Offer to provide technical support and then quietly block the situation.
PCs and smartphones are often the easiest way to access someone’s financial accounts, but this is usually not a traditional “hacking.” Instead, scammers and fraudsters have invented endless methods of “social engineering” to persuade their customers to give up remote computer access. One of the most effective is the “tech support scam.” You may be able to prevent this by choosing yourself (or someone you trust) to be your tech support.
Most likely, a person who is not tech savvy will ask you to go through their computer and fix any problems. So schedule a regular “technical support” meeting. During this visit, you can ensure that anti-virus and anti-malware programs are installed and updated, and that the Wi-Fi has a password. But you can also say, “I have everything set up a certain way, so be sure to call me before anything changes.” This may be enough to stop tech support scams. This will also give you a good reason to collect all their passwords; trust me, at some point you will be happy you have them.
Install apps that block spam calls
There are many apps on iPhone ( Robokiller ) and Android ( Call Blocker ) designed to block spam calls. Install one or two, then go to Settings > Phone. Click Call Blocking and Identification. Then let apps block calls. You don’t even have to tell your elderly friend/relative what you did if you think they’ll be offended by it.
You can also block all calls from all numbers that are not in your phone’s contact list without downloading anything. On iPhone: Go to Settings > Phone. Scroll down and tap “Mute Unknown Callers.”
Put them on your Do Not Call list
Scammers don’t care about the Do Not Call registry like legitimate telemarketers do (sometimes), so make sure your people’s landline and cell phone numbers are on the list.
Follow their social networks
Facebook is the worst. Not only is advertisers serving vulnerable customers on a silver platter, but half of your parents’ Facebook friends are probably fake accounts too. Make sure they are aware of common scams where supposed children or grandchildren send instant messages asking for urgent help, and try to get them not to click on the ads. Since you now (hopefully) have access to their password, you can also block obviously fake accounts (with permission, of course).
Ask them to appoint a power of attorney
The above advice assumes that your elderly loved one does not have dementia or anything else that makes them unable to manage their own financial affairs. When things get this serious, they need to appoint a financial power of attorney to fully manage their finances. It doesn’t have to be you, but it should be someone you trust.