Financial Elder Scams
Financial Scams On The Rise In The Elderly Population: How They Happen And How To Prevent Them
Financial scams happen every day and are always a growing concern. Because of this, it has become almost intuitive to be vigilant about checking bank statements and ensuring account information is kept safe. Yet, as this scamming evolves, it seems as if elders are becoming increasingly targeted. This type of financial elder abuse is not only ethically unsound, but intensely illegal. In order to bring down the rates of this abuse, it is important to comprehend exactly how this can happen and how to stop it.
Understanding How And Why This Happens
The elderly population is vulnerable for a variety of reasons, the most obvious being their declining mental capacity as they reach an older age. As they become older, their understanding of what may be somebody calling from their bank to collect some helpful information could quite frankly be a scammer attempting to hack into their account. The evolution of technology does not help with this problem, as the older generation tends to lack some skills while using the computer, phone, and other devices. This could make them easy targets because they cannot read through the classic scams to understand the illegitimacy of the person on the other end.
Not to mention, seniors tend to be more trusting of people when compared to individuals of a younger generation. With this trust comes almost a naïve sense of security that they will not be taken advantage of. Every call or seemingly free opportunity for them makes them feel special, not skeptical.
Finally, and perhaps most upsettingly, sometimes seniors are taken advantage of and they may not even necessarily be aware. That is, sometimes the person doing the scamming is not a stranger at all, but someone the elder felt comfortable and safe with, such as a life-long friend or a family member. This situation can be complicated, but it is certainly not impossible to defend.
How to Protect Yourself And Your Loved Ones
Although it may seem far-fetched, these kinds of problems happen daily and country-wide. To counteract this problem, there are a few apparent solutions. First, simply be cautions of who you and your loved ones are close to; do not let an old friend turn into somebody who takes advantage of an elder’s finances. Further, if feasible, try to keep in touch with them often and ask their permission to have the ability to either advise their finances or to check in on their transactions and statements. This could protect elders immensely, as oftentimes their money is taken and they may not even be fully aware. We have to remember that this is vulnerable population of people. If we have the ability to take care of them and oversee their financial decisions—or catch the financial decisions that others make for them—your loved one can live a much more comfortable and happy life. Nobody deserves to be scammed. Do not let it happen to someone you care about.
If you or a loved one has experienced financial elder abuse in California, contact the Evans Law Firm financial fraud attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.