How to Spot Scams Targeting the Elderly

With a lot of time on their hands and large nest eggs built up from years of employment and lucrative pensions, elderly men and women are often the target of swindlers aiming for their money. If your parents are susceptible to these types of cheats, learn to spot the scams to protect their interests.

Difficulty:

Moderately Challenging

Instructions

1. Discuss the subject of con artists who target older people with your parents. Ask your parents to tell anyone who makes a financial request of them to go through you first. If they're unwilling to relinquish "control" of their finances, at least get them literature from a senior group like AARP to educate them on common scams (see Resources).

2. Keep your eye out for common scams that your parents may encounter like "miracle" remedies for ailments, being asked to send money in exchange for a "secret" winning lottery ticket purchased by a deceased spouse or opportunities for inexpensive home repairs or land purchases that they must jump on "immediately."

3. Ask to review your parent's credit card statements and any charitable contributions they've made if they mention meeting anyone or investing in anything that seems out of the ordinary. If they're making large purchases for someone or making suspicious donations, you may be able to catch the culprit and also have the charges reversed.

4. Insist that you check out any business opportunities that your parents want to invest in personally. Ask about the company's lawsuit history, have an accountant to look at the company's financial statements and proof of earnings, for example. If the business is on the up and up, they'll be happy to provide the information.

5. Look out for your parents even if you live in another state. Appoint a trusted friend or relative to help go through your parents' mail and keep any eye out for anyone who contacts your parents out of the blue about a "financial opportunity."

Resources

• Educate your parents with literature on common scams.