Around 1 in 10 Americans aged 60 and above experience financial exploitation, among other forms of elder abuse. Scammers commonly use panic-inducing scenarios and underhanded tactics to push older adults to part with their money. Safeguard yourself or your older loved ones against their attacks by raising awareness and relying on a certified elder law attorney.
Why Older Adults Are Vulnerable to Scams
Diminished hearing and outdated knowledge in technology are not the only reasons why most older adults are susceptible to financial scams. A study shows that age can make the brain less able to pinpoint fraud.
Two major areas of the brain are essential in detecting fraud. One region helps the individual read social cues, such as facial expressions, vocal tone, gestures, and more. The other part indicates when something out of place is happening around the person. Researchers determined that these areas develop less connectivity and significant atrophy in older adults.
Together, these age-related cognitive changes make it harder for older people to navigate stressful social situations. They also contribute to the fact that family members perpetrate around 60% of financial exploitation cases involving older people.
How Scammers Target Older Americans
Awareness is the first step toward avoiding financial exploitation. Here are some of the most common types of scam that a certified elder law attorney seeks to protect their clients from:
- Identity Theft
- Grandkid Scams
- Family Emergency Scams
- Social Security Scam Calls
- Health Care Scams
- IRS Imposter Scams
- Tech Support Scams
- Home Repair Scams
- Real Estate and Mortgage Scams
- “You’ve Won” Scams
- Lottery and Sweepstakes Scams
- Funeral and Cemetery Scams
- Fraudulent Anti-Aging Products
- Charity Fraud
- Investment Schemes
The holiday season is a peak period for financial exploiters. With most people focused on planning get-togethers and buying gifts for their loved ones, it’s easier for scammers to push their victims to part with their hard-earned money. Older adults are particularly susceptible to some of their tactics:
- Package Delivery Scams
- Gift Card Scams
- Telemarketing Scams
- Phishing Emails
How an Elder Law Attorney Fights Financial Exploitation
Elder law attorneys are professionals when it comes to fighting and preventing financial manipulation among older adults, among other specializations. They can:
- Take proper measures against fraud
- Teach older people how to detect, respond, and avoid scams
- Keep older adults up-to-date on the latest forms of financial manipulation
- Offer resources to help older people manage their assets better
- Provide legal guidance to securing fraud-free insurance, from long-term care insurance to Medicare Advantage insurance
There are only some of the ways elder law attorneys can help older people live their best life. Get in touch with a professional to learn more.
Protecting Your Older Loved Ones from Scams
Raise awareness about financial fraud against older adults, not only among your friends and family but also in your community. Safeguard your older loved ones from scammers by getting assistance from a senior living attorney or an elder law attorney. Choose a legal specialist that:
- is ethical, transparent, and experienced
- follows the best industry practices
- complies with state and federal regulations
- acts only good faith
Not sure where to find an expert that fits these criteria? Look for credible sources of ethical elder attorneys, senior living consultants, and other industry professionals. Explore their member directory to get to know their experts. Don’t hesitate to call them for inquiries!