Keeping Your Parents Safe from Money Scams Targeting Seniors

October 6th, 2015 by John Wilson

Ask assisted living facilities how they handle scams.

Assisted living can inform seniors of common scams.

It’s an unfortunate fact there are many money scams targeting seniors. This is because the elderly are more likely to trust strangers based on their life experiences and are more vulnerable from a financial standpoint. They fear losing their means of supporting themselves. Even when individuals are living in assisted living in Edmond, OK, they may be at risk. Fortunately, affordable assisted living facilities in the Oklahoma City area are familiar with many of these scams and can help you protect your aging loved ones.

Health Care Fraud

Seniors are often concerned about their overall health and well-being, which means if they are presented with the opportunity to better their health position, they are usually ready to take it. This scam involves asking for personal information in order to approve seniors for medical alert systems and other health care benefits. Unfortunately, the scammer uses this information to steal your loved one’s identity. Your loved one should never offer private information over the phone or by email.

Relative Scams

As families grow and great-grandchildren are born, it can become difficult for the elderly to remember who they all are. This opens up the chance for a scammer to contact seniors, claiming to be a great grandchild in need. Because the elderly often want to help out their family members, they are susceptible to sending money to someone who is a stranger, thinking they are related. They typically don’t ask questions. Talking to your them about not transferring funds to someone over the phone is critical.

Talk to affordable assisted living facilities about how they help seniors avoid scams.

Affordable assisted living facilities can help seniors spot scams.

Prize Scams

Everyone loves the idea of striking it rich by winning the lottery or a major sweepstakes. The odds of winning money, however, are quite slim, especially if you aren’t actively participating in these contests. When you hear you are a winner, it can be difficult to ignore and is easy to become excited. In the case of a scam, the individual may ask your loved one to pay a fee to start the process of transferring their winnings. No one should ever have to pay money to get money.

Obituary Scams

When a parent dies, the obituary often lists surviving family members. Some scammers browse through these listings and contact spouses and other elderly relatives of the deceased individual in an attempt to collect on fake debts. Subjecting these individuals to a scam during one of their most vulnerable moments is often productive for the scammer. Paying close attention to your loved one after the loss of a spouse or other relative can help you protect them from these scams.

There are so many money scams targeting seniors it can be difficult to keep track of them all. Talking to your family about protecting their money and personal information is essential. However, that isn’t the only thing you can do. Working with assisted living in Edmond, OK, will help you keep an eye on your loved one’s activities and financial state so you can do your part to help protect them.

If you’re looking for affordable assisted living facilities in the Oklahoma City area, contact us. The Village at Oakwood can help you identify potential senior scams and provide protection for your loved one.

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