Scams are used to collect money and exploit the vulnerable. Seniors are prime targets for scam artists because, before retirement, the individuals save significant amounts of money. Retirement plans and Social Security benefits make up a senior’s income after retiring. Retirement funds provide access to a great deal of money, and scam artists want to collect.
Families must find ways to protect their senior loved ones from these criminals. Better ways to prevent access stop con artists from stealing from the elderly. By reviewing strategies, families and seniors avoid being victimized.
Create Safeguards at the Senior’s Bank
Banks provide safeguards that alert the account holder of suspicious activities. Seniors are creatures of habit, and their normal expenditures appear on bank statements. Sudden changes in activities can alert the account owners if unusual charges appear on the account. These safeguards with spending limits stop criminals from taking all the person’s money. Experts at senior communities can help residents learn about recent scams.
Reduce Access to Financial Information
After a diagnosis of dementia, family members can take over financial management for the senior. The individual can set up a power of attorney for a family member. The power of attorney allows the family to manage expenses and financial assets.
This limits the senior’s access to account information and stops criminals from getting the details. Residents who receive memory care could become disoriented and make easy targets for scammers. Added protection stops access to bank and credit card accounts.
Remove the Senior From Mailing Lists
Mailing lists are collections of contact information compiled by different businesses. A senior who requests quotes for services online or through the mail becomes a part of the list. Family members can opt out of the mail solicitations for the resident. Email mailing lists are easier to manage, and the family can report the emails as spam. Without direct access, scammers cannot collect proceeds from the resident.
Switching to Direct Deposits
Direct deposits for retirement and Social Security benefits will keep the money safe. Too often, seniors collect benefits through the mail. Perpetrators can steal the benefits from the mailboxes. If stolen from the mailbox, the senior is less likely to recover their benefits. If the benefits are deposited into a bank account automatically, no one can access the money without account information.
A Lovely Home for Seniors
At Orchard Park at Southfork, we offer lovely apartments for all residents and a wealth of terrific amenities. Our community is a safe place for all residents, and we strive to prevent residents from becoming victims. We stay updated about recent scams and educate residents. Families and seniors can set up a private tour to view our community now.
Aging individuals make up the highest percentage of victims of scams. Many elderly individuals become isolated after retirement and are the perfect victims of the crimes. Safeguards must be in place to stop perpetrators from getting confidential information. Banks offer restrictions that impose spending limits and prevent criminals from draining the senior’s accounts.
A senior living community is a great option for seniors who have retired. Downsizing from the family home can also generate savings for the new residents. With the extra money, seniors can live comfortably, but family members must set up ways to protect their loved ones.
In the communities, residents don’t have to worry about scammers visiting the property or coming to their door. Security and surveillance prevent unauthorized visits and prevent scammers from bothering the residents. By learning new strategies, family members can take action and teach the residents about emerging scams and cons.