Financial abuse of the elderly is on the rise and it is an unfortunate fact that predators emerge during times of upheaval to take advantage of people. That means the COVID-19 pandemic can leave your parents vulnerable in more ways than one. Even when things go back to normal, this chronic problem of financial exploitation will still be a risk so it is very important to take extra steps and educate your parents about the possible risks it may bring to their wealth and your future inheritance.
Scammers view seniors as easy targets and nowadays, they use a wide array of sophisticated and highly effective tactics which even the most intelligent and educated can be duped. Be alert and protect your aging loved ones and yourself from such predators by knowing the three big red flags of financial exploitation we listed to safeguard your family's finances.
While just about anyone can fall for such scams, the elderly are the ones targeted most often. This is due to the fact that seniors are frequently lonely and eager to hear from family. By becoming aware of how these deceptions work, they’ll be much less likely to fall for them. Here is how they work and what you can do.