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Financial scammers target older adults who live alone, have a sole caregiver, keep a retirement nest egg, or have an extreme credit rating. These are just a few factors that make seniors vulnerable to financial fraud. In this blog post, Daniel Klibanoff shares five steps young adults can take to protect their parents and grandparents from financial scams.

 The first step to keeping the elderly safe from financial fraud is to discuss the subject. Avoiding conversations about financial matters contribute to the older adults’ vulnerability to scams. Start the conversation and be preemptively involved. Be empathetic when you talk about the topic with older adults. Be patient and make sure to listen to new questions to better assist. 

 Check their privacy settings. If possible, ask the older adult for their devices like smartphones, tablets, laptops, and computers to examine their privacy settings. Change and update as necessary and inform them of any changes made to their devices. Older adults who may be tech-savvy might still need assistance checking from time to time. 

Keep having the conversation about finances to prevent unwanted online transactions.  According to Daniel Klibanoff, senior citizens who can still make sound decisions about their estate should be encouraged to put high-level financial protection such as a durable power of attorney for asset management. A healthcare advance directive or a living will ensure an older adult's wishes are fulfilled when they cannot make decisions for themselves. Moreover, maintaining an estate plan is essential in keeping funds, resources, and properties in safe hands.

 Those who are more hands-on in keeping their parents and grandparents safe from financial crimes must stay in contact with them. Please keep track of new scams and talk to them. It's always best to check in on your loved ones to ensure their safety in every way, including financial security.

Senior fraud is a massive issue that results in incredible financial losses and physical and mental problems. To avoid being a target of such fraudulent acts, older adults, their relatives, and caregivers must know how to spot these scams. In this blog post, Daniel Klibanoff shares tips on not falling prey to elder fraud.

 The internet is a space that can be overwhelming and intimidating for older adults. While they may maintain accounts on social media or keep their email addresses active, they still may not be able to identify secure pages from fake ones. In fact, one of the most common phishing techniques includes messages about health, friendship, and financial support.

 Ask for their full details. When contacted by possible fraudsters through suspicious phone calls or messages, be sure to get their full name, title, and business with the purported company. Directly call the company to ask about the representative or search for their information online.

 Keep calm. Some scammers speak with urgency to stir up panic in an individual. Instead, stay focused and gather all necessary information about the caller and the message they are relaying. Acting in a hurry may result in unwanted financial losses, notes Daniel Klibanoff.

Keep financial information to yourself and trusted loved ones. Unverified persons and businesses may be persistent in asking the older adult about their banking or other personal information. Never share it with others outside of your trusted circle and verified institutions.

 Ensure your devices are up to date. Installing updated antivirus software on one's computer is important to prevent financial trojans. Should this step be too difficult, it's always best to ask for help from loved ones and trusted friends. Sometimes, one can sense real danger following a conversation or transaction with a scammer. Seek help from the police immediately to ensure one's safety.