It's a sad fact of life that scam artists often target seniors for their perceived vulnerability. Additionally, some seniors are more likely to fall victim to these scams than others, which can cause financial effects as well as having a possible impact on a person's overall well-being. To ensure you can adequately protect your loved one, AARP provides the following advice.
Many seniors lack a strong social network. Socialization is an important human need, one that many elderly people fulfill with friends and neighbors. While you would hope that these people have the best interests of your loved one in mind, this is not always the case. Check-in on your loved one frequently to ensure they receive healthy and stable socialization on a regular basis. You should also ask questions about your relative's acquaintances and friends if you're not fully aware of them.
Some elderly people also experience cognitive decline during their older years. As a result, they can easily be taken advantage or even willingly enter into financial relationships they don't understand. Consider that if your loved one is experiencing problems with basic chores and personal care, he or she will also have problems with essential financial matters. Overseeing financial matters is key in this case, as you may be able to intercept a possible scam.
Even family members can take advantage of seniors financially. In some cases, live-in family members will have funds diverted to their accounts or attempt to trick or confuse the senior into giving away money. While this is often hard to determine, red flags include expensive purchases that seem that go beyond the caregivers current income or employment status.