Each year, more than 3.5 million seniors are victims of financial exploitation.
According to the FBI, seniors collectively lose more than $3 billion per year to financial scams.
In an effort to protect seniors and their families, Kensington Park Senior Living is honored to partner with WayWiser for an interactive series of virtual workshops on senior financial safety.
During the series, our panel of experts will share common types of fraud, signs to watch for, how to protect your loved one, and more.
Read on to learn more about the event, the expert speakers, and information on how to RSVP to the second part of the series.
Join Kensington Park Senior Living and WayWiser for Part II of our series on senior financial safety
Kensington Park Senior Living frequently partners with leading experts in senior health and wellness, which includes the growing concerns around senior financial safety.
As an independent living, assisted living, and memory care community, we work closely with families to help them navigate the move to senior living, which includes promoting financial safety and planning for care.
WayWiser is a simple yet powerful platform designed to help caregivers organize and manage their senior loved ones’ health and financial well-being. With a “Trusted Circle,” families can share documents, collaborate on tasks and appointments, and more.
Part I: Knowledge is Power
Our two-part series with WayWiser kicked off on April 26 with Part I: Knowledge is Power.
Luis Carvajal-Kim, a cyber security executive and former cyber counterintelligence special agent, and Christine Kieffer of the FINRA Investor Education Foundation presented the most common types of fraud and explained how to best protect your loved one’s personal information.
Part II: The Best Offense is a Good Defense
RSVP here to join us on May 18 for Part II: The Best Offense is a Good Defense.
During the presentation, WayWiser CEO Lindsay Faeder will share why it’s important to change our mindset when it comes to financial fraud.
Tami Anastasia, a dementia caregiver support counselor, and Kristin Owens, formerly of the Federal Reserve Bank of New York, will share insights and advice, including the signs of fraud to watch for and how to talk to your loved one about their financial safety.
How to keep seniors safe from financial exploitation
Senior financial scams can be devastating, and result in the loss of thousands of dollars of hard-earned cash throughout a lifetime of work.
It’s for this reason that seniors are targeted in the first place: Scammers believe seniors have a significant amount of money saved and good credit scores, and are vulnerable to manipulation.
The most common scams targeting seniors include:
- Grandparent scam: Scammers claim the senior’s grandchild is in trouble and needs cash sent immediately
- Medicare/IRS fraud: Scammers pose as government agency representatives and will collect personal information to steal a senior’s identity or their health benefits
- Investment scams: Scammers offer a false investment opportunity to seniors in the hopes that they will invest
- Robocalls: Scammers claim to be a familiar company or government agency and try to gather a senior’s personal account information or passwords
- Sweepstakes: Scammers pretend a senior has won a sweepstakes, and in exchange will ask for an upfront payment to access their prize
Experts say to watch for the following warning signs of a potential scam:
- The caller asks for money
- They won’t let you get off the phone
- They threaten you or deceive you if you ask questions
- They ask for sensitive or personal information over the phone
- The caller promises “no risk” on an investment
Family caregivers must watch for unfamiliar charges on a senior loved one’s account or any signs of sudden financial struggle.
Remind your loved one that no government agency or company will request sensitive information or funds over the phone. If your loved one suspects something is wrong, they can hang up and call the agency’s or company’s official phone number.
Safe resources for financial planning
To ensure your senior loved one is safe from financial fraud, the following professionals are excellent resources:
- Financial planner
- Insurance agent
- Investment advisor
Financial professionals can help you properly plan and protect your loved one’s savings, assets, and investments to avoid scams and fraud.
You also can ask your bank or credit union if they offer any financial education services or resources.
Kensington Park Senior Living: Your caregiving partner
As our loved ones age, there are numerous considerations caregivers must face, including:
- Where their loved one will live
- If they can remain safe in their homes
- Who will care for them if they need additional support
- How to plan financially for their care
With the Kensington Park Senior Living team—you are not alone.
Our Promise is to love and care for your family as we do our own, and this Promise includes a dedication to our family caregivers.
We offer resources and support caregivers need to navigate these challenging decisions through our educational events, Kensington Konnect hub, blog page, and Park Bench newsletter.
Our partnerships with leading senior health experts allow us to remain up to date on the latest news, breakthroughs, and treatments, as well as provide us the opportunity to share this information with our residents and their families so they can make the most informed decisions.
At Kensington Park, we believe the best course of action is to have a care plan in place for your loved ones, which may include respite care, in-home care, and eventually a move to a senior living community.
We offer the following services in our community:
- Exceptional independent living
- Enhanced assisted living
- Specialized memory care, including three levels of memory care: Kensington Club, Connections and Haven
- Nutritious, gourmet dining
- Rehabilitation, including physical, occupational, and speech therapies
- Onsite nurses
- Concierge services
- Medication administration
- Life enrichment activities
Kensington Park Senior Living offers true “aging in place” and a full spectrum of clinical support. No matter how your loved one’s care needs change over time, they have a home with us.
Please RSVP to join us on May 18 for Part II of our senior financial safety event, so you can learn more about how to protect your family from fraud.
Reach out to our team of loving professionals to learn more about how our community can best serve your family and your loved ones.
We look forward to connecting with you soon and showing you Our Promise in action!