Aging adults are an especially vulnerable population when it comes to financial scams. They’re more likely to be targeted than younger people, and because of the nature of their assets, financial fraud can have a much greater impact on them. But how does this happen? How do con artists take advantage of older adults? And what can you do to keep yourself and your loved ones safe from financial scams as you age? In this post, we’ll explore some common methods that scammers use to defraud Aging adults, what signs they look for in their targets, and how retirement communities help protect those who live within them.
Hire A Fraud Coordinator
The first step in protecting the residents from fraud is to hire a fraud coordinator. This person should be trained in fraud prevention and have access to a database that includes information on known scams. The role of the fraud coordinator is to review, analyze and prevent all types of financial abuse. The person could be an existing staff member or an external consultant, but either way, they need training for their efforts to be effective.
Assess Your Community’s Technology
Technology is one of the best tools you can use as you age. It can help you stay in touch with family and friends, keep track of your finances, and stay active. But it also has its dangers. Scammers will use technology to reach out to older adults and try to get their money. To keep yourself safe, review your community’s technology policies before using any new devices or programs provided by your retirement community.
Have A Scam Reporting Procedure
A scam reporting procedure must be clearly defined, well-known to the community, and well-known to residents as well. The care team also needs to be trained on how to handle these types of situations. Residents may feel too embarrassed or unsure about what steps they need to take when scammed, so it’s important for them to know what kind of information they should be looking for and have resources available in case someone has been taken advantage of.
The staff at a retirement community will be able to teach you how to recognize scams and how to report them. If a scammer comes around, they’ll be on it. Your loved one may not have access to their money or credit cards when they live in the community, but if someone tries to steal their identity or otherwise gain access through their contact with residents, the staff will take action.
They will also report scams to law enforcement agencies and other regulatory bodies such as the Better Business Bureau (BBB) and Consumer Finance Protection Bureau (CFPB). The police often take these crimes very seriously because aging family members are particularly vulnerable targets for fraudsters—not only does it impact their finances, but there is also the potential harm that could come from using false information for criminals to set up accounts under your name.
Retirement communities also employ security teams trained to spot suspicious activity, so you know your loved one is protected at all times while they live there. As a bonus, if your loved one is having trouble financially or if they need help paying bills, retirement communities will often offer assistance with those things as well!
Hopefully, this list helps you to see that retirement communities are not only great places for your aging parents to live but also a good way to protect them from financial scams. They may have their challenges and concerns about moving into one of these communities, but at the end of the day, it’s our job as family members or friends to ensure they are safe and secure during this time in their lives.