Elderly relatives are often a target of scammers because they are always ready to help a person-in-need or family member. A person calls and claims to be a family member – a grandchild, for instance – who is in trouble and needs money immediately. This can be particularly confusing if you don’t have a close relationship with all your relatives and can’t accurately recognize their voices.
The scammers may also claim to be a friend often times in a foreign country, a police officer, or a lawyer who is with your family member. They then try to convince you to send money to bail your relative out of jail, pay a fine, or cover emergency car-repair expenses or medical bills. If you get this type of call, be suspicious.
One possible way to protect yourself is to ask questions only a relative would know the answers to. And don’t be afraid to call a family member you know well to try to confirm the story. Above all, do NOT send money unless you are 100% sure the story is true.
Others times, this begins when a stranger quickly strikes up a close relationship with you or an elderly relative and then offers to manage your/their finances and assets. Or, you may suddenly begin to notice document signatures that do not resemble yours or an older family member. This is a fairly common financial abuse scam that is often targeted at older, retired individuals. These scammers may attempt to manipulate you or a loved one into turning over property and/or money – in some cases leaving you or them bankrupt.
Financial abuse scams take many forms including telemarketing fraud, identity theft, predatory lending, home improvement, and estate-planning scams. To be safe, it’s best to avoid trusting your money with people you don’t truly know.
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