financial fraud Archives - Greenwald and Gerke Real Estate
Over $24 Billion Dollars are lost to scammers each year. The emotional and physical toll that this takes on our most vulnerable population, our seniors, is much greater than the actual dollars and cents. Scammers target aging adults because this group is trustworthy. Aging adults may be lonely due to lack of socialization, afraid to come forward or have lost capacity. For this reason, there is a scammer epidemic in America. What can you do to protect a loved one, a neighbor, a friend?
Taking a Proactive Approach
Once a scammer has their hands on the person’s money, it’s too late to reverse the situation. So, it is better to take a proactive approach with their financial management, in order to prevent the scam in the first place. A great resource is the Identity Theft Resource Center at www.idtheftcenter.org and Senior Safe & Sound at www.seniorsafeandsound.org
Talk with your parents or clients about the types of scams. When a loved one is approached to make financial investments, exchange money for winnings, or receives any undue pressure to make a quick financial decision. The senior needs to know to walk away and seek opinions of several trusted professionals and family members. Teach them about the different forms of communication that might be used for the scam. This education is essential to help them see the red flags in a situation that might be a scam.
Running Interference with Communication
Understand that your aging loved one will resist the idea of having a check and balance on their financial activities, such as check writing and charge cards. With great sensitivity, one must work with an aging adult as a team and not necessarily as a father/son & daughter or mother/son & daughter.
Explaining why multiple heads are needed to fight off the very bad people will help them to understand the situation so that they don’t feel like their independence is being taken away. Remind them that government agencies and financial institutions won’t make random phone calls and emails to ask for information. If the request for information comes through, then there is a high possibility that it is a scam.
Hiring the Professionals to Help
There are certain situations when it is helpful to have the advice and service of a professional team of qualified advisors. In these situations, you can do the homework to find a trusted team, so that you know that the individual is working with a verified service provider.
Here at Greenwald & Gerke Realtors, we offer real estate services for aging adults, and we want to help you avoid the common real estate scams that target aging adults. Call us right away for more information: (844) 782-9674