Plan ahead to ensure your assets are fully protected and your wishes will be followed. You might want to talk to a financial advisor or an attorney to find the best options for you.
Always shred bank statements and receipts as well as unused credit cards before you throw them away.
Never discuss your financial information with anyone you don’t know or trust. This includes giving someone your bank details, Social Security Number, and any other financial information over the phone.
Order a copy of your credit report every year to make sure it’s accurate and that there aren’t any accounts on there that you don’t recognize. You could also sign up for identity theft protection so professionals are constantly monitoring your accounts for suspicious activities.
Thoroughly check credentials and references before you hire anyone and don’t give workers access to your financial information. For example, you may want to lock up your account statements, checkbook, and other sensitive documents while others are in your home.
Look out for charity fraud hoaxes by doing thorough research into the charity, not responding to solicitations for donations, not sending any of your bank details or mailing cash, and discussing the charity with your friends and family first.
Never pay taxes or fees to collect lottery “winnings” or sweepstakes.
Pay for things using your debit or credit card so you have a paper trail of all the transactions you’ve made.
Trust your gut. If something doesn’t feel right – tell someone. And if you do feel threatened or intimidated (or you’re concerned for an elderly person you know), contact your local Adult Protective Service.
Finally, don’t be afraid to say “no.” This is your money and you’re entitled to say how you want to use it.

According to a recent AARP study, $28.3 billion is lost to elder fraud scams each year. 72% of the scams, or more than $20 billion dollars, are committed by individuals who are known to the victims, like family members, friends, or trusted advisers.  The average loss per incident is estimated to be $120,000.

The amount lost to elder fraud has risen exponentially. Over the last year, the cost of elder financial exploitation has grown by over 54 percent, rising from $177 billion in 2020 to around $269.5 billion last year.  More than 333,000 scams and financial abuse cases targeting the elderly are reported to authorities every year, and most experts agree that’s just the tip of the iceberg. Our estimates show $11.5 billion in damages are reported to authorities, but the real figure likely dwarfs that amount when factoring in unreported elder fraud.

More than 1 in 10 elderly people in the US fell victim to elder fraud in the last year.Over 7.8 million incidents of elder fraud occur every year in total.Average loss per case is $30,192, calculated by averaging the mean reported loss from these organizations:$43,768 – Financial Crimes Enforcement Network (FinCEN)$35,101 – Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)$11,707 – State Adult Protective Services or Law EnforcementLosses due to elder fraud total $269.5 billion each year.

Over 7.8 million incidents of elder fraud occur every year. Losses due to elder fraud total $269.5 billion per year.

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