In modern times, those who are 50 and older control the vast majority of financial assets in the United States. Unfortunately, abuse of aging adults in terms of their finances is all too common. Scammers steal billions of dollars annually from aging adults by preying on them and making them fall for one of many typical schemes.
Certain frauds may be aimed squarely at aging adults. They could take advantage of their lack of knowledge about new technology and social media, or they could take advantage of how popular a particular product is. Emotional triggers related to love (romantic, sexual, or parental) are often used in scams. A retirement home, on the other hand, can help reduce the likelihood of financial fraud. We’ve devised a list of four ways retirement homes can protect their residents from financial fraud.
Keeping an Eye Out for Red Flags That Could Indicate Fraud
Retirement communities monitor residents for any indications of possible monetary fraud or misuse. Even if a customer has always done business with the bank in person, they can catch fraud before it does any real damage by asking the right questions and taking the proper precautions.
Safeguarding the Residents from Potentially Dangerous Social Contact
Making new acquaintances as an aging adult is always a plus, but this might open the door for potential scammers. A new friend might seem too eager to go with them to the bank or offer questionable services related to money or estate planning.
These fictitious acquaintances may even mislead them that their loved ones aren’t looking out for their best interests. Our retirement community is successful because we ensure our residents don’t have to deal with people they don’t want to talk to. Residents can meet and get to know each other better through planned activities and events.
Maintaining Consciousness of Residents’ Loved Ones/Caregivers
Regrettably, abuse on aging adults can also come from loved ones and paid caretakers. Unfortunately, some of these people would take advantage of being entrusted with money and health.
To ensure our residents are always safe, we have strict rules about who they can talk to, including their immediate family. Through thorough background checks and vetting procedures, we ensure that none of our employees will take advantage of our residents.
Protection From Social Networking and Online Scams Through Education
Though fraud committed online is far from uncommon, it has been on the rise recently, especially as more people turn to the internet for their financial transactions. We don’t hold back when we tell people how common it is for online scammers to pretend to be someone else when they talk to their victims. We also suggest they research to find out who their new online friends are.
In conclusion, scammers still try to take advantage of aging adults, especially those who choose to live alone. Suppose a resident lives in a retirement community like ours, they are less likely to become victims of financial fraud. We try our best to stay in touch with them often, protect them from scammers, and teach them how to avoid becoming victims in the future.