Five Ways to Help Protect Seniors from Financial Abuse
One of the more concerning trends we've seen in recent years is the increasing sophistication of financial scams targeting older adults.
Technology has created tremendous opportunities for communication and convenience, but it has also provided fraudsters with new tools to exploit unsuspecting individuals. Unfortunately, financial abuse can affect even highly educated, financially responsible people, which is why we believe awareness and preparation are so important.
In this video, we discuss five practical ways families can help protect aging parents, grandparents, and loved ones from financial abuse while preserving their independence and confidence.
Start the Conversation Before There's a Problem
One of the most effective fraud prevention tools is simply talking about it. Many families wait until something suspicious occurs before discussing scams, financial fraud, or identity theft. In our experience, ongoing conversations can help create awareness and make it easier for family members to recognize warning signs before significant damage occurs.
Whether discussing phone scams, email fraud, impersonation attempts, or financial exploitation, awareness often serves as the first line of defense.
Simplify Financial Life Where Possible
As financial lives become more complex, it can become increasingly difficult to monitor accounts, statements, and recurring obligations. Simplifying finances may involve reducing unnecessary accounts, consolidating financial relationships, automating routine payments, or eliminating unused credit cards. These steps can make it easier to identify unusual activities and reduce opportunities for fraud to go unnoticed.
Monitor Accounts and Statements Regularly
One of the most common themes in fraud cases is that suspicious activity often goes unnoticed for extended periods. Regularly reviewing account statements, transaction histories, and financial records can help identify potential issues early. Unusual withdrawals, unfamiliar charges, missing deposits, or unexpected changes in spending patterns may warrant additional attention.
The sooner potential problems are identified, the greater the opportunity to address them.
Keep Important Legal Documents Organized
Another area that is frequently overlooked involves legal and estate planning documents. Documents such as wills, trusts, powers of attorney, and healthcare directives should be reviewed periodically and stored securely. While no one enjoys thinking about unexpected circumstances, maintaining organized and current documentation can help ensure that important decisions are handled according to an individual's wishes.
Be Extremely Careful with Personal Information
Today's fraudsters are remarkably convincing. Phone calls, emails, text messages, and even online messages can appear to come from legitimate businesses, financial institutions, government agencies, or trusted organizations. We often encourage families to adopt a simple rule: never provide sensitive personal or financial information in response to an unsolicited request.
When in doubt, independently verify the request using a trusted phone number or website before taking any action.
Protecting Independence Through Planning
One of the misconceptions surrounding fraud prevention is that it requires sacrificing independence. Proactive planning often helps preserve independence by providing safeguards and increasing awareness.
While no strategy can eliminate risk entirely, open communication, thoughtful planning, and regular monitoring can significantly reduce vulnerability to financial abuse and scams.
Watch the video to learn practical ways to help protect loved ones from financial exploitation, identity theft, scams, and other forms of financial abuse.
Disclosures
Reference to any award, accolade, or third-party rating received by Janney Montgomery Scott LLC (“Janney”, “the Firm”) or an employee of Janney herein do not constitute a guarantee of future investment success, nor does an award, accolade, or third-party rating imply any specific level of skill or performance in relation to services provided through the Firm. The selection process for this award is based on certain criteria determined by the awarding entity, which may differ from those of other awards, and may not necessarily reflect a Financial Advisor's overall performance or individual qualifications. This recognition should not be considered as an endorsement or guarantee of any Financial Advisor. As with any financial planning or investment advice, past performance is not indicative of future results, and investors should carefully consider their personal financial goals and risk tolerance before making decisions.
Reference to any award, accolade, or third-party rating received by Janney Montgomery Scott LLC (“Janney”, “the Firm”) or an employee of Janney herein do not constitute a guarantee of future investment success, nor does an award, accolade, or third-party rating imply any specific level of skill or performance in relation to services provided through the Firm. The selection process for this award is based on certain criteria determined by the awarding entity, which may differ from those of other awards, and may not necessarily reflect a Financial Advisor’s overall performance or individual qualifications. This recognition should not be considered as an endorsement or guarantee of any Financial Advisor. As with any financial planning or investment advice, past performance is not indicative of future results, and investors should carefully consider their personal financial goals and risk tolerance before making decisions. For more information about any awards referenced, including relevant criteria, please visit Janney.com/award-disclosures or contact your Financial Advisor.
The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances.
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