Conversations About Preventing Financial Fraud and Abuse

Financial fraud and abuse including scams perpetrated on older adults is becoming an increasingly prevalent problem. Approximately 1 in 5 Americans over the age of 65 has been a victim of a financial scam. As we age, we often become more impulsive, gullible, over-confident, and subject to poor judgement, making older adults especially vulnerable to financial exploitation.

Opening comments

Unfortunately, there has been an increase in unscrupulous people targeting older adults and trying to take their money in all kinds of ways. We are concerned this could happen to you. I would like to share some examples with you today and then help you take preventive steps which will decrease the possibility this could happen to you.

Financial abuse includes such things as people stealing money from you, forging signatures, stealing credit card information, faking charities, pretending to hold lotteries that require you to pay them, and more. Even people who are close to you can exploit you financially.

Recommendations

Here are some suggestions I have for you:

Do not take telephone calls or open regular mail or emails from people whom you do not know. Just hang up the phone, throw the mail in the trash, or delete the email.

Never give out your financial information like bank account information or credit card numbers to someone whom you do not know.

Do not donate to charities or enter a lottery until you are sure they are 100% legitimate. Please call me or the local authorities if you are at all suspicious.

Unfortunately elder financial abuse is often committed by close family members or friends, so just be wary of anyone asking you for money. Please call me if you have any questions or concerns. I would prefer if you call me before giving anyone any money.

With this information hopefully you understand the need for us to be proactive now – before something bad happens.

Closing comments

Let’s schedule the next meeting. It might be a good idea to have the person(s) you name in the form I just gave you come to the meeting as well. It is important they help us protect your assets and keep you safe!

Thank you for your cooperation. I look forward to working together with you and your family on this important issue.