Helping Seniors Avoid Financial Abuse

Blog Post by Mike Brunt

As I have provided in-home caregivers for seniors in the past five years, I have seen firsthand how many schemes and scams there are intended to separate seniors from their money. I have presented to groups on the topic of helping seniors avoid financial abuse over 20 times now, and I never cease to be amazed by how prevalent this crime is and often how unreported it goes. 

I have been encouraged though, by the media attention this topic is now getting and by the many groups that are now working to educate seniors about how to protect themselves from cons, schemes, and scams…whether they are by phone, mail, or in person. Unfortunately, many seniors are taken advantage of financially even by those they may know and have a close personal relationship with.

My presentation is structured around a 15-minute video created by the California Department of Justice. It is a very engaging, short film that serves as a wake-up call to seniors and those who care for them that the financial abuse of seniors is a crime. The video gives many practical tips on how seniors can steer clear of financial scams. These are summarized below.

If you are interested in having me do this presentation for your group, or if you would like a free copy of the video for your own education efforts, please call me at 503-530-1527 or email me at mike.brunt@homeinstead.com. 

How to Recognize and Avoid Financial Abuse:

Overview
-Predators act sincere and appear trustworthy.
-Victims come from all ranges of culture and class. Seniors are targets because that’s where the money is.
-Denial is a problem…it can happen to you.

Predators Are From Two Groups
-People you don’t know

• They will seem like very nice people.
• They will be kind, charming, and convincing.
• They will get TOO friendly and will pry about personal details.

-People you do know

• Family members who intimidate and manipulate.
• Friends or caregivers who think they are entitled to your money.

Red Flags
-Money missing from wallet
-Isolation tactics
-Pressure to sign papers

Identifying Scams
-Prizes and lotteries

• They ask you to send money before you receive your winnings.
• Don’t ever send money first.
• Ask yourself…did you buy a ticket?

-Home improvement

• They con you into something you don’t need. They collect money then disappear before providing promised services.

Prevention Steps
-Involve trusted family members before acting on mail or phone offers.
-Don’t let strangers in your home.
-Call Adult Protective Services and ask for help.
-Don’t be afraid to be rude when you need to be.
-Learn all you can about the problem.
-Be alert to the signs it might be happening to you.
-Share what you learn with other seniors.