Financial crimes are a significant problem in the U.S., with millions of reported cases each year. These crimes target various demographics, including the elderly. In fact, certain types of scams specifically isolate elderly individuals because of the assumption that they may be vulnerable.
While you may never have thought of your elderly relatives as naïve or vulnerable, the reality is that not everyone views older adults as capable and informed. Instead, they view them as easy targets for mistreatment. Outlined below are some of the more common financial scams that target elderly members of society.
Unnecessary home repairs
If your loved one owns their own home and still lives there, it’s possible that they may be targeted by scammers who claim the house needs repairs when it doesn’t. For instance, a window salesperson might try and push your relative into purchasing new windows, even though they were replaced only a few years ago. The harsh reality is that scammers can gather data that enlightens them as to where elderly people live, and they can then make relentless sales calls and even visit in person. Asserting undue influence in order to have unnecessary and expense work carried out is one of the more common types of scams that target individuals over the age of 60.
Fake family members
Looking after family members is an admirable quality to possess, but elderly people are prone to being taken advantage of. One common scam occurs when a stranger calls and pretends to be a grandchild or other family member in financial trouble. If money changes hands under these circumstances, that person will then disappear and can be very hard to trace.
If your elderly relative is struggling to manage their finances, there are many things you can do to help them. One example includes establishing a guardianship, which means that major financial decisions can be made by a responsible party in the best interests of your family member. Seek legal guidance to find out more.
