MILLIONS OF OLDER ADULTS fall prey to financial scams every year. Use these tips to protect yourself:
Be aware that you are at risk from strangers—and from those closest to you.
Over 90% of all reported elder abuse is committed by the older person’s own family members, most often their adult children, followed by grandchildren, nieces and nephews, and others. Common tactics include depleting a joint checking account, promising but not delivering care in exchange for money or property, outright theft, and other forms of abuse, including physical abuse, threats, intimidation, and neglect of basic care needs.
Don’t isolate yourself—stay involved.
Isolation is a huge risk factor for elder abuse. Most family violence only occurs behind closed doors, and elder abuse is no exception. Some older people self-isolate by withdrawing from the larger community. Others are isolated because they lose the ability to drive, see, or walk about on their own. Some seniors fear being victimized by purse snatching and mugging if they venture out. Contact a local senior center to find services nearby that can help keep you active.
Always tell solicitors: “I never buy from or give to anyone who calls or visits me unannounced. Send me something in writing.”
Don’t buy from an unfamiliar company, and always ask for and wait until you receive written material about any offer or charity. A good rule of thumb is to never donate if it requires you to write your credit card information on any forms.
Shred all receipts with your credit card number.
Identity theft is a huge business. Use a shredder. Monitor your bank and credit card statements, and never give out personal information over the phone to someone who initiates the contact with you.
Sign up for the “Do Not Call” list and take yourself off multiple mailing lists.
Be careful with your mail, and do not let incoming mail sit in your mailbox for a long time. You can also regularly monitor your credit ratings and check on any unusual or incorrect information at www.AnnualCreditReport.com.
Use direct deposit for benefit checks to prevent checks from being stolen from the mailbox.
Clever scammers or even unscrupulous loved ones have been known to steal benefit checks right out of mailboxes or from seniors’ homes if they are lying around.
Never give your credit card, banking, social security, Medicare, or other personal information over the phone unless you initiated the call.
Misuse of Medicare dollars is one of the largest scams involving seniors. Common schemes include billing for services never delivered and selling unneeded services or devices to beneficiaries. Protect your Medicare number as you do your credit card, banking, and social security numbers, and do not allow anyone else to use it. Beware of salespeople trying to sell you something they claim will be paid for by Medicare. Review your Medicare statements to be sure you have in fact received the services billed, and report suspicious activities to 1-800-MEDICARE.
Be skeptical of all unsolicited offers and thoroughly do your research.
Be an informed consumer. Take the time to call and shop around before making a purchase. Take a trusted friend with you who may offer some perspective to help you make difficult decisions.
Also, carefully read all contracts and purchasing agreements before signing and make certain that all of your requirements have been put in writing. Understand all contract and cancellation and refund terms. As a general rule governing all of your transactions as a consumer, do not allow yourself to be pressured into making purchases, signing contracts, or committing funds. These decisions are yours and yours alone.
If you think you’ve been scammed, don’t be afraid or embarrassed to talk about it—waiting could only make it worse. Immediately call your bank and/or credit card company. Cancel any debit or credit cards linked to the stolen account. Periodically reset your PIN’s—Personal Identification Number(s). Also, contact legal services and Adult Protective Services at the Lucas County Job and Family Services offices at 419-213-8663.
Your best defense is to be aware of scams and how they work so you can be on your guard against them. Financial scams and other forms of elder financial abuse do more than cost seniors money. They can also affect seniors’ physical and mental health. What’s more, adult children and other people caring for aging family members often end up spending money to help their older relatives deal with the effects of a scam. Their careers and relationships can suffer as they devote hours of time to helping the senior recover from the fraud.
Daniel J. Jachimiak, BA, is a Feature Writer/Journalist and Speaker. Dan can be reached at djachimiak@bex.net or 419-787-2036.
~ You can have a better life ~
