At Kensington Park, we support families and caregivers in protecting their loved ones from threats and fraud. That’s why we hosted our Spring Speaker Series: “Part I—Protecting Seniors from Scams: Awareness, Prevention, and Action.”
This informative event, led by Police Detective Cindy Miranda, was offered to help seniors, caregivers, and families identify and avoid common scams.
Let’s uncover the most common financial scams targeting seniors and the steps to take if you suspect fraud.
Our Promise is to love and care for your family as we do our own.
What are some possible consequences of elder financial abuse?
When an older adult becomes a victim of financial abuse, the fallout can be both emotional and financial.
Seniors may face:
- Loss of retirement funds: A single fraudulent transaction can drain savings that took a lifetime to accumulate.
- Emotional distress: Being scammed can lead to shame, guilt, anxiety, and depression.
- Loss of independence: Financial instability might require the senior to rely more heavily on family or community support.
- Compromised health care: With limited finances, older adults might neglect medical treatment or cannot afford prescriptions.
How to protect seniors from being scammed
Identifying financial abuse early can save money and heartache down the road.
If you notice a parent experiencing memory loss and are concerned about money issues, stay alert for these warning signs.
Warning signs that may indicate financial abuse
- Large or frequent ATM withdrawals, sudden overdrafts, or unexpected changes in bank balances.
- Personal items might vanish or appear “misplaced” too often.
- Maybe your mom was always thrifty but is suddenly making lavish purchases, or your dad refuses to buy necessities but is sending money to a “new friend.”
- Dig deeper if a will, power of attorney, or other financial document is updated under suspicious circumstances.
- A scammer or manipulative caregiver may discourage your loved one from socializing or communicating with you.
Fraud and scams that target older people
Below are common scenarios where seniors could get taken advantage of.
1. Romance scams
- What went wrong: The senior wired money to an “online love interest.”
- What to do right: Never send cash to strangers; verify identities with family or friends.
2. Grandparent or family imposter scams
- What went wrong: A frantic caller posed as a grandchild, prompting emergency funds.
- What to do right: Ask personal questions only the real relative would know; call them back directly.
3. Medicare or health insurance scams
- What went wrong: The senior gave Medicare details to a fake representative.
- What to do right: Refuse to share personal info by phone; confirm via the official Medicare hotline.
4. Charity fraud
- What went wrong: Under pressure, the senior donated to a bogus charity.
- What to do right: Request details in writing and research the organization before donating.
5. Sweepstakes and lottery scams
- What went wrong: The senior paid “fees” to claim a non-existent prize.
- What to do right: Real lotteries never require upfront payment; if you didn’t enter, you didn’t win.
6. Tech support scams
- What went wrong: A pop-up warning prompted fake “repairs” and remote access.
- What to do right: Don’t trust random pop-ups; contact a known tech support provider.
7. Home improvement scams
- What went wrong: A “contractor” demanded payment and then disappeared.
- What to do right: Get references and written estimates; never pay in full before work begins.
8. Credit or debit card theft
- What went wrong: Cards were left unsecured, or PINs were shared.
- What to do right: Keep cards hidden, don’t share PINs, and check statements routinely.
9. Phishing emails and texts
- What went wrong: The senior clicked a shady link and entered personal info.
- What to do right: Avoid clicking unknown links; manually visit the website or call the company.
10. Door-to-door sales
- What went wrong: Goods were paid for but never delivered.
- What to do right: Ask for ID, avoid high-pressure sales, and research before buying.
11. Fake check scams
- What went wrong: The senior wired back “overpayment” funds from a phony check.
- What to do right: Wait for full bank clearance; be skeptical of unexpected checks.
12. Gift card scams
- What went wrong: The senior was told to pay bills or debts via gift cards.
- What to do right: Never use gift cards for strangers; legitimate entities don’t demand them.
13. Investment fraud
- What went wrong: Money was put into a “guaranteed” high-return scheme without checks.
- What to do right: Verify credentials with regulators; if it sounds too good to be true, it is.
14. Funeral and cemetery fraud
- What went wrong: Overpriced or unneeded funeral products were pushed on grieving families.
- What to do right: Shop around, request price lists, and bring a trusted person to meetings.
15. Reverse mortgage or mortgage rescue scams
- What went wrong: The senior signed unclear paperwork, risking home ownership.
- What to do right: Consult a HUD-approved counselor or advisor before making mortgage decisions.
16. Social Security or IRS imposter scams
- What went wrong: The senior paid supposed “back taxes” to threatening callers.
- What to do right: Government agencies never demand instant payments; hang up and verify.
17. Credit card skimming
- What went wrong: A hidden skimmer at a pump or ATM stole card details.
- What to do right: Inspect devices for tampering; choose well-lit areas and opt for credit over debit.
18. Using debit cards in risky settings
- What went wrong: A senior used a debit card at a restaurant or online, risking their bank account.
- What to do right: Use credit cards for better fraud protection and monitor accounts regularly.
19. Medical ID theft
- What went wrong: Scammers used stolen info to bill false medical claims.
- What to do right: Examine Medicare or insurance statements closely and protect medical data.
20. Online shopping scams
- What went wrong: The senior bought it on a dubious site and never received the product.
- What to do right: Shop at secure (https://) and reputable stores, and read reviews before purchasing.
How to report elder financial abuse
Reporting financial exploitation can be intimidating, but it’s often the first step toward recovery and justice.
- Adult Protective Services (APS): In most areas, APS is responsible for investigating reports of abuse or neglect of older adults.
- Law enforcement: Contact local police or sheriff’s offices to file a formal report.
- File a report: who, what, where, when, and how. Be prepared to offer as much detail as possible—names, dates, amounts, and locations.
- Following up can make a difference: Keep in touch with the investigator or detective to stay updated on the case.
- Long-term care ombudsman: If your loved one resides in an assisted living or nursing home, an ombudsman can advocate on their behalf.
- Other places to report: Depending on the scam, you may also contact the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), or your state attorney general’s office.
Kensington Park: protecting seniors and supporting families
At Kensington Park, we provide more than just a place to live—we offer expert care, security, and peace of mind for seniors and their families.
As an independent living, assisted living, and memory care community, we take the stress out of home maintenance and daily tasks so your loved one can thrive.
Stay informed with our expert-led panels on senior safety, well-being, and financial safety.
Reach out today to Kensington Park and learn how we can support your family.