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.

Recent Posts

Independent Contractors: Classify Carefully

Independent Contractors: Classify Carefully

Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are...

5 Strategies for Improving Collections

5 Strategies for Improving Collections

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. For other types of companies, it’s not so easy....

Renting to Family Members

Renting to Family Members

As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here's a look at the tax treatment that applies when...