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This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
Every year, scammers steal more than $3 billion from older adults. Elderly people are especially vulnerable to fraud because they may not be familiar with the evolving technologies that scammers exploit, and scammers are adept at telling convincing stories and preying on seniors' fears. Plus, some older adults may feel isolated or be reluctant to reach out for help when swindlers target them.
It's essential that people in seniors' support systems stay informed about elderly scams so they can help protect their loved ones.
Be on the lookout for these common financial scams that are frequently aimed at seniors.
The details of particular scams may vary, but they typically have a few features in common.
Fortunately, there are ways you can help keep your loved ones safe from these types of attacks.
To help older friends or relatives stay safe from elderly scams, let them know that they can come to you if they're ever concerned about a call, text or email. Tell them they shouldn't give money or sensitive information to anyone until they've checked the facts, ideally with the help of a trusted person.
Some seniors may benefit from reminders not to share their bank accounts or credit card numbers with anyone who contacts them. You could suggest taping notes to their phone case and computer to help them remember.
Show your loved ones how to switch between calls and how to forward texts and emails. If they're unsure about someone who's calling them, they can get a trusted person on the line to help, or they can forward texts or emails to that person to look into them further.
You might offer to help your loved ones review their bank statements and check their credit reports regularly to make sure everything is in order. You could ask if they'd like their bank to send account alerts to someone they trust or if they want to set up a credit freeze for extra security.
Many seniors can successfully steer clear of scams with help from supportive relatives or friends. But those who are living with serious cognitive impairments might need a trusted person to provide more oversight of their finances, such as by acting as their power of attorney.
Scammers count on elderly people being alone and vulnerable, and you can prove them wrong by being there for the older adults in your life. By sharing information and offering to help your loved ones stay safe, you can fight fraud and protect the people you care about.
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.
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