In today’s episode, we will dive into the types of scams that are most commonly targeting elders, discuss the warning signs and proper responses, as well as what to do if your parent or grandparent has already fallen victim to a scam.
We all want our parents and loved ones to feel safe and protected – we want to know that their finances are secure so that they can have a comfortable and happy retirement – and will never have to face detrimental financial losses. Seniors and the elderly deserve to be protected, which is why it’s especially heartbreaking to know that, as senior citizens, they are the targets of sophisticated, dangerous scams that threaten to take thousands from them and target them because they are elderly.
Elder scams are all too common, and they’re no joke. According to the Senate Special Committee on Aging, senior citizens are cheated out of an enormous $2.9 billion annually. On an individual basis, according to a 2020 study by the Federal Trade Commission, elders lose an average of $500 per scam – although this number varies depending on the age group. Seniors 80 or over, for instance, lose a staggering $1500 per scam. These numbers are harrowing – but there are steps we can take to protect our parents.
It is essential that we educate the elders in our lives on the various types of scams that they could fall prey to. When they know the warning signs and know what to do if they suspect something is not right, they are far less likely to fall victim to a scam.