Fraud and scams against senior citizens in thee past decade have been rampant, and while many precautions have been taken to protect our seniors, you can never be too safe!

Over $3 billion in losses each year is reported due to fraud, and since financial elder abuse – when a senior is tricked, persuaded, or bullied into giving up their assets – is the most common type of elderly abuse, you’ll want to do all you can to keep your loved one safe. Read our tips below and help protect our seniors in senior care.

Block as many solicitations as possible.

Block, block, block! Opt-out of both physical and digital mail solicitations, especially those that pertain to credit. Using the Direct Marketing Association’s mail preference service, you can set up a ban for up to 5 years at a time! It is also wise to take precautions to prevent robocalls. Make sure you’re using your phone provider’s anti-robocall services as well as installing a 3^rd party application on your senior’s cell phone to automatically block robocalls.

Take banking safeguards.

If you know your senior may not have the best financial and spending habits, look into setting up a smaller account at their local bank. This account may include a debit card with perhaps at $300 spending limit. Any other of your senior’s finances can be kept in a separate and more secure account.

Set up fraud alerts.

Another great banking idea is to allow your senior’s bank to notify you immediately with any possible fraud detection. This will help block and prevent fraud from happening in theat instant.

Check in on your senior often.

Although scams committed against the elderly occur less often, it is best to play it safe and prepare for anything. This kind of fraud can happen much more quickly and result in greater financial loss, so check in often with your senior by visiting or by phone call. Watch for any suspicious signs, like a new “best friend” or sudden isolation.

Monitor your senior’s caregivers and visitors.

Sadly, most financial elder abuse is committed by family or someone that your senior knows. Be cautious with your senior’s financial information around friends and family that you may feel or know is in financial distress – they are often the individuals most prone to stealing your senior’s assets.

For further advice on protecting your senior loved one from fraud, we’re here to help answer any questions. Just call ActiKare today to schedule a consultation!