Why Are Seniors Targeted in Financial Scams?

The elderly are sought out by financial scammers.

Are you aging?

Perhaps you have a loved one who is getting older.

If yes, you should be on the alert.

According to a recent The Journal of Accountancy article titled “Ways to stop elder financial abuse before it starts,” one in 20 seniors are victimized through financial scams.

Unfortunately, these crimes are on the rise as baby boomers age.

What are some common scams?

Scammers may pretend to be a grandchild requesting money for an emergency.

Scammers may inform the victim of sweepstakes or lottery winnings.

Scammers also phish through email posing as the IRS giving a tax refund.

Although these may seem and look legitimate, do not be fooled.

For example, the IRS will never contract you about a tax refund over email.

Why are seniors particularly vulnerable?

Seniors who are not tech or financially savvy are easy prey.

Also, some seniors may have a decent amount of money to steal.

What can you do if you detect a scam or fall victim?

Do not wait.

You should come forward.

This may save others from falling victim as well.

To prevent financial scamming, you should not give out financial or personal information, especially social security and bank account numbers.

Taking these steps will help keep your money safely where it belongs.

With you.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Journal of Accountancy (November 15, 2017) “Ways to stop elder financial abuse before it starts”