Unsolicited telephone calls and strangers at the door are ripe opportunities for seniors to part with their money. Many adult children worry that their parents will fall for a scams or “over give” to charities and political causes. They have good reason to be concerned. Seniors are friendly and trusting. They don’t like to be rude. And, as they age, they are more likely to be targeted.
Elders in their eighties and living alone are the most vulnerable to senior fraud, according to a 2011 MetLife Study of Elder Financial Abuse. Many have significant assets. Their ability to make financial decisions may have diminished. They want to help others, and are unlikely to report when they have been swindled.
Seniors can be lonely, making them great targets for scammers. When elders have limited mobility or have lost their friends, they can become isolated. They want companionship. They are happy to speak with the friendly person on the phone or the new face at the door, even when that person is asking for money.
The media provides abundant advice on dealing with unsolicited telephone calls:
- Register your phone number on the National Do Not Call Registry at donotcall.gov.
- Verify that charities are legitimate at http://www.charitywatch.org or www.charitynavigator.org.
- If you are told to send money to claim a prize, or a deal sounds too good to be true, it’s most likely a scam.
- Never give personal and bank information over the phone unless you placed the call.
You can dispense this advice, but will your parent follow it?
In my next post, I will offer suggestions on talking to your parents about protecting themselves from scams.
