Senior financial safety is becoming a more urgent concern as reports of scams and fraud increase each year.
The FBI reports that seniors lose more than $3 billion every year to financial scams and that this figure has nearly doubled since 2019.
Additionally, these numbers are believed to be grossly underestimated, as financial scams that target seniors are often not reported.
Part I took place on April 26, but you can join us on May 18 for Part II: The Best Offense is a Good Defense.
Read on to learn more about the event topics, expert speakers, and common senior scams.
Our partnership with WayWiser helps our team, our residents, and our family caregivers stay up-to-date on the latest news, statistics, and insights related to senior financial safety.
WayWiser can help families accomplish a higher level of financial security through its platform, which involves a “Trusted Circle” of family members with access to secure document storage.
For our two-part series on senior financial safety, we are joined by the following experts:
- Luis Carvajal-Kim, cyber security executive and former cyber counterintelligence special agent
- Christine Kieffer, FINRA Investor Education Foundation
- Kristin Owens, formerly of the Federal Reserve Bank of New York
- Tami Anastasia, dementia caregiver support counselor
- Lindsey Faeder, CEO of WayWiser
- Tiffany Fernandez, COO of WayWiser
During Part I of our series on April 26, Luis Carvajal-Kim and Christine Kieffer discussed the most common types of fraud and how to protect your loved one’s personal information.
Please RSVP to join us on May 18 for Part II of our series, where Lindsay Faeder, CEO of WayWiser, will share why we all need to change our mindset when it comes to financial fraud.
Tami Anastasia will share the signs to watch out for and how to talk to your loved one about senior scams, and Kristen Owens will share insights and advice.
Due to physiological changes in the brain including brain shrinkage, they are more susceptible to these scams. Even in normal aging, the brain processes slower which can impact decision making under pressure, such as during a phone call with a scammer.
Why are seniors a prime target for scammers? Criminals believe that seniors have a significant amount of savings available, have built up good credit over time, and may be less tech-savvy.
This is why scammers often target seniors online or through their email.
The most common scams targeting seniors include:
- Internet fraud, including email scams
- Investment scams
- Healthcare/Medicare scams
- IRS scams
- Reverse mortgage scams
- Grandparent scams
- Sweepstakes or lottery scams
- Charity scams
Most scams are designed to collect a senior’s personal or financial information or to get the person to pay a fee upfront.
For example, a “grandparent scam” attempts to convince someone that their family member is in trouble and needs immediate cash.
Scammers also will often pose as a familiar company or government agency and attempt to collect personal information to steal the senior’s identity.
It’s essential for caregivers and seniors to be able to identify the warning signs of a scam.
Common warning signs that a potential caller or web-based application is fraudulent include:
- Caller asks for sensitive information, such as your Social Security Number, bank account number, or insurance ID number
- Caller is pushy, threatening, or won’t let you get off the phone
- Caller asks for cash upfront or promises an investment is “risk-free”
- Frequent pop-ups online that warn of a virus
- Spelling errors or bad design on a website
To help protect your aging loved ones from fraud, discuss credit monitoring, or suggest that a trusted family member gain access to an account to help monitor it.
Encourage your loved one to call you if they come across any urgent or suspicious messages, whether it be online, via phone call, or even in person at their front door.
Suggest that if they are on a phone call and the “company” is asking for sensitive information, they can hang up and find the real agency’s number for confirmation.
The biggest way to protect your loved ones from fraud is simply to educate them on the current scams and how they are presented. Consider also connecting your loved one with financial professionals, including:
- Financial planner
- Investment advisor
RSVP here to attend our senior financial safety event, and hear from the experts on the latest scams and how to protect your loved ones.
The Kensington White Plains Promise is to love and care for your family as we do our own.
We Promise to be here for your loved one and your family every step of the way as you make the difficult decision to seek a higher level of care and support.
We offer the following services to our residents:
- Enhanced assisted living
- Specialized memory care, including two memory care “neighborhoods,” Connections and Haven, tailored to specific levels of care
- Nutritious, gourmet dining
- Full calendar of life enrichment activities
- Licensed nurses on-site 24 hours a day, 7 days a week
- Concierge services
- Medication administration
- On-site physicians
- Rehabilitation services, including physical therapy, occupational therapy, and speech therapy
- THRIVE With Parkinson’s, Program for Kensington residents with movement disorders such as Parkinson’s and their families
Our beautiful community offers a full spectrum of clinical support, for true “aging in place.” This means that your loved one will always have a home with us, no matter how their care needs change over time.
Please RSVP today and join us for Part II of our financial safety event to learn more about how you can protect your loved one and your family from fraud.
We can’t wait to welcome you to our community and share Our Promise in action!