More than 6.2 million people in the United States are dealing with Alzheimer’s disease or another kind of dementia as of the year 2021. Many of them need Alzheimer’s care, but scams and other forms of financial exploitation of the elderly are similarly on the rise.

Some 39.6% of Americans aged 65 and more, according to the most recent surveys, have experienced some form of financial abuse.

Attorneys have shared how monetary elder abuse is on the rise in the United States. Similarly, the BBB also reports an increase in both elder financial exploitation and scams specifically aimed at people over the age of 65. Find out how memory care in Pascagoula, MS can help protect its residents from financial scams.

How Memory Care Protects Residents from Financial Scams

Guidance from Caregivers

Caregivers have an important role to play in assisting elderly residents in recognizing and avoiding potential financial fraud. The first step is to have a conversation about frequent scams and how the elderly might avoid falling victim.

To provide more guidance, caregivers might also accompany them to a bank, financial advisor, or lawyer. Recommend that the elderly residents always have the specifics in writing before agreeing to any financial transactions. The next step is to suggest they see a lawyer or financial counselor with the information you have provided in writing.

Staying Involved

Keeping in touch with the resident is the most crucial step caregivers can take.

Your continued involvement in their life will help to safeguard them from the dangers of loneliness and isolation, such as being a target of fraud and scams.

Ask Family Members to Obtain Yearly Credit Report

Get family members to double-check their loved one’s credit report for accuracy beside them. Immediately fix any mistakes that may have been made.

Give Access to a Shredder

With the help of a paper shredder, you may help the residents get rid of junk mail, including credit card offers, bank statements, and receipts.

This lessens the likelihood that their private data will fall into the wrong hands.

Staying Alert

Always be on the lookout for indications of elder financial abuse or fraud.

For instance, a person who has always been quite thrifty may suddenly begin making substantial withdrawals from their savings account could be a warning sign.

Another sign is when older adults who have always been responsible may all of a sudden find themselves with collection calls, bank fines for insufficient funds, or both.

A red flag may also be someone using an ATM frequently who previously only liaised directly with the branch.

Educate Residents on Scams and Frauds

While fraud perpetrated in person is far from rare, it is on the rise in today’s digital age.

It is important to educate residents about the risks associated with making friends and establishing relationships with strangers online and the prevalence of identity theft on the internet.

Instruct residents to take precautions to verify the identities of new Internet acquaintances. These fictitious acquaintances are notoriously tough to track down because they are frequently located in foreign countries.

A red flag that someone is trying to scam you’re the resident is if they suddenly begin sending huge sums of money by Western Union or international wire transfer.