One study found that about 66% of all elder financial abuse cases involve close family members. As unthinkable as this crime might be, some people have no problem taking money and other assets from elderly family members in Connecticut. Fortunately, you can help prevent elder fraud from happening to your loved ones.
Watch out for suspicious changes
If you notice a new person randomly appearing in an older adult’s life, this individual could be trying to scam them. This situation often happens in elder law cases. Whether this person is a potential love interest or just a friend, watch for any signs that your loved one is giving them financial assistance.
Make financial decisions family matters
Sometimes, financial abuse happens because one family member has a closer relationship to an elderly head of the family than others. If the younger person has bad intentions, it can be reasonably easy for them to access the financial accounts of someone who trusts them. This problem is preventable by looping all children in who oversees what accounts.
Don’t lash out at the victim
Understandably, learning that your family member was the target of fraud can make you feel many emotions. But don’t let your anger at the situation lead you to blame or shame your elderly loved one. Acting this way adds to the stress of an already stressful situation.
Protecting their financial accounts
Another helpful tip is to set additional safeguards on an elderly loved one’s accounts. Setting up two-factor authorization and enabling notifications are great ways to keep a senior citizen’s money safe.
Financial fraud can happen in many ways. If you suspect a family member of elder fraud, consider reporting your suspicions to local law enforcement.