Sadly, many seniors are subject to frauds and scams with the goal of accessing their finances. Seniors are at even greater risk when they experience symptoms of Alzheimer’s and dementia, both of which make it difficult to protect and manage one’s finances appropriately. You may need to take certain steps to keep your loved one protected, as explained by Consumer Reports.
Having a close relationship with a senior loved one and visiting the person often will allow you to identify any issues right away. For example, if you notice the person is receiving numerous solicitations via mail and telephone, you can take steps to remove their name and number from directories or set up call blocks. You can also help the person put limits on bank accounts so it’s impossible to spend more than a certain amount of money each day.
In more serious cases, you may need to help manage the person’s finances. While you don’t necessarily need to take control of their bank account, you can have fraud or suspicious activity alerts routed to your phone or email. That way you can alert your loved one and check with the bank to make sure no fraud actually occurred.
Many seniors require the help of an in-home caregiver, which can be a friend or family member or a person hired from an agency. Caregivers may also take money from the elderly under suspicious circumstances, so be on the lookout for any signs that theft if occurring. For example, your loved one may suddenly experience financial issues even though their expenses haven’t changed.