Scams are becoming increasingly sophisticated, from obtaining personal information through hacking to using artificial intelligence to replicate the voices of loved ones. In this environment, seniors often find themselves as prime targets for scam artists. As New York Senior Scams and Financial Fraud attorneys, we’ve seen firsthand the devastating impact elder financial abuse has on older adults and their families. In observance of Senior Fraud Awareness Day on May 15th, let’s explore effective strategies to safeguard older adults from fraud.
Knowledge is power, particularly when it comes to recognizing and avoiding scams. Discussing the most common senior scams with the older people in your life, including phishing emails, lottery or sweepstakes scams, and the notorious grandparent scam, can increase their ability to recognize the warning signs of a scam. The Federal Trade Commission (FTC) and the Better Business Bureau (BBB) are excellent resources for staying updated on the latest scams. Understanding the common tactics used by fraudsters can greatly reduce the risk of falling victim to these schemes.
Some popular scams that target older adults include the following:
Seniors should be encouraged to have a trusted family member, friend, or financial advisor to consult with before making any financial decisions, especially when they’re approached with unsolicited offers or requests for personal information. This simple step can provide an additional layer of protection and can often prevent impulsive decisions that lead to financial loss.
Ensure that seniors are aware of an elder abuse hotline in your area. This is a resource where they can report suspicious activity or seek assistance if they suspect they’ve been targeted by fraudsters. Having the contact information for such a hotline readily available can provide a sense of security and a clear action plan in the event of attempted fraud.
For those in New York State (NYS), the NYS Adult Protective Services Helpline can be reached at 1-844-697-3505. In addition, the Weill Cornell Medicine Center for Elder Abuse Solutions provides an Elder Abuse Helpline for Concerned Persons that can be reached at 1-844-746-6905. This is a non-emergency service that provides information and support to family members, friends, and neighbors who are concerned about elder abuse. Supportive counseling, guidance, referrals and more are provided from a caring team of professionals with many years of experience in the elder justice field.
Advocate for seniors to implement additional security measures for their financial and online accounts. This can include setting up two-factor authentication, using complex and unique passwords for each account, and regularly monitoring accounts for any signs of unauthorized activity. Many financial institutions offer services specifically designed to protect older adults from fraud, such as alerts for suspicious transactions.
A significant number of scams begin with a simple phone call. Advise seniors to let calls from unknown numbers go to voicemail. The call can be returned if needed. Scammers often use high-pressure tactics over the phone to extract personal information or financial details. If a call is important, the caller will leave a message, and the legitimacy of the request can be verified before any information is shared.
Despite all precautions, if you or a loved one falls victim to a scam, it’s important to act swiftly. Contacting a New York Senior Scams and Financial Fraud attorney with comprehensive knowledge and experience will help you effectively navigate the complexities of the legal system to recover what was lost. At Cona Elder Law, our experienced elder law litigators are committed to aggressively pursuing the return of property on behalf of our clients and fighting for the justice our clients deserve. Contact us today to learn more.