With the holidays approaching, now is a good time to remind everyone to be on the lookout for potential scams and fraudulent activity.
The District Attorney’s Office Elder Justice Unit prosecutes crimes involving victims over 60 and, in certain cases, those under 60 with cognitive impairments. They have compiled the following tips, which are useful for individuals of all ages, but particularly important for older adults who are at higher risk for financial abuse.
1. Be aware of scammers
Scammers prey on emotions to overwhelm you and cloud your judgment. They may pressure you into handing over money quickly for reasons such as paying a fine, making a down payment on an item or service, protecting a loved one from harm, donating to a charity, or to collect a prize. If you feel pressured or uncomfortable in any way, end the call. Most scammers will do everything to keep you on the phone and in a heightened state of excitement or fear until they get what they want.
If the caller claims to be from a government agency or business and you want to make sure there is no legitimate issue, hang up and call the organization back at one of their widely published phone numbers, such as the number on the back of your credit card. Also, reach out to someone you trust to discuss the situation before taking any action and giving any money.
2. Don’t let shame keep you from seeking help
Financial exploitation is a widespread problem, and many types of people fall victim to scams. Report the crime. Doing so can help protect you and others from further harm.
3. Monitor your financial accounts
Regularly check your bank statements, credit reports and housing deeds. The more consistently you monitor your accounts, the sooner you can spot irregularities, transfers, or unauthorized activity.
4. Plan ahead with legal documents
It’s important to put your wishes in writing while you have the capacity to prepare for times when you may not. Doing so will spare your loved ones the burden of making difficult decisions on your behalf and help prevent others from taking advantage of the situation. In the event of incapacitation, a written directive will include details about the medical interventions you want, the person you designate to make decisions for you and what types of decisions they can make. We recommend using 5 Wishes, a simple yet comprehensive template that serves as both a guide and an official document. It costs $5 and is legally recognized in 42 states, including PA, NJ, and DE.
5. Stay alert to warning signs
Be attuned to any sudden, unusual changes in your financial situation. For example, receiving a lot of unsolicited credit card applications or no longer receiving bills could indicate someone has applied for credit in your name or is intercepting your mail.
6. Avoid isolation
Isolation is a prime risk factor for all kinds of abuse. Check in on others and have them check in on you.
According to the National Council on Aging, financial exploitation of seniors is estimated to cause $28.3 billion in losses each year. Older adults deserve to live with dignity and security.
If you or someone you know 60 or older has been the victim of a crime, contact the Elder Justice Unit at 215-686-5700 or email [email protected].