Exploitation in later life devastates victims and their family members. The fallout can compromise victims’ health care and cause a significant loss of independence. Research reveals that individuals who have faced a recent critical life event, such as a divorce or death of a spouse, are victimized at a rate that is more than twice as those who haven’t, according to the Federal Trade Commission.1 Seniors who exhibit signs of dementia, like Alzheimer’s disease, are routinely targeted by scammers. And studies have found that the largest percentage of exploiters are family members and in-home caregivers. What can you do to protect older loved ones? One way to start is by having a family conversation about what to do if there is a crisis that affects their ability to manage their finances. Offer assistance in monitoring loved ones’ financial transactions and credit reports, and keep relatives updated with respect to current scams. An ounce of prevention is worth a pound of cure.
1 https://www.consumer.ftc.gov/blog/fraud-affects-25-million-people-recognize-anyone-you-know