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Is My Loved One Being Scammed Financially?

In 2012, figures published by the Federal Trade Commission said people 60 and older comprised 26 percent of all fraud claims. Unfortunately, the elderly are a favorite target for criminals who see them as an easy target and con seniors out of their pensions, benefits and other assets. Learning about common scams can help adult children and caregivers keep their loved ones protected against fraud.

Work-from-Home Opportunities

While there are many legitimate ways to make money from home, your loved one shouldn’t have to pay to work. Some legitimate companies may require your loved one to pay for a background check, but any other training costs or fees should raise a red flag.

Lottery Winnings

Scams concerning large lottery winnings in other countries are prevalent. Those perpetuating the scam will ask for funds to release the money, and will keep the scheme going as long as possible. In order to win a lottery, one must purchase a ticket. If your loved one hasn’t entered, they have not won.

Cry for Help Deceptions

Scam artists will sometimes pose as family members, often grandchildren, claiming to have been kidnapped or in need of cash and will often ask for a wire transfer. However, the lie falls apart under careful scrutiny. Seniors should always ask detailed questions and request a video chat or phone call before wiring money.

Lonely Hearts Racket

Some scam artists will troll dating sites, looking for lonely seniors. They’ll pursue an online relationship, and once confidence is gained, they will extort their paramours for money. Often, they will ask for money to cover the cost of medications, a medical emergency, or travel that never materializes into a visit.

Knowledge is the first line of defense, so spend some time with your senior loved one reviewing signs of common scams. Simply knowing how to identify a fraud can help your senior loved one avoid scams and protect his or her assets.

If you’ve noticed financial inconsistencies or a significant change in your loved one’s spending habits, it’s possible he or she is depressed or in the beginning stages of dementia, and it might be time to consider home care in Santa Clarita. With help from Home Care Assistance, your loved one can receive the care he or she needs to maintain a happy, healthy high quality of life in the comfort of home. Give us a call at 661.259.9914 to learn more about the services available near you.