Help Prevent Financial Scams Aimed at Older People

Jun 1, 2024 | Tax & Accounting

Scam artists seek new ways to steal financial data and money from vulnerable people in any season. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones:

 

  1. Exercise caution when making financial decisions. If someone exerts pressure or promises unreasonably high or guaranteed returns, walk away.
  2. Be alert for phony phone calls. The IRS doesn’t collect money this way. Another scam involves someone pretending to be a grandchild who’s in trouble and needs money. Don’t provide confidential information or send money until you verify the caller’s identity.
  3. Beware of emails requesting personal data, even if they appear to be from a real financial institution. Remember, your banker or financial professional already has your personal information. Ignore the contact information provided in emails. Instead, contact financial institutions through phone numbers you look up yourself.

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