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Three Quick Steps To Protect Seniors From Fraud

Three Quick Steps To Protect Seniors From Fraud

One in five elderly people will be financially exploited. Here are three quick steps to minimize the exposure to senior fraud. 

Seniors are a prime target for swindlers. 

According to the National Adult Protection Services Association, one in five elderly people will be financially exploited. However, only 1 in 44 cases are reported. That means 20% of all elderly people are victims of fraud, but only 2% of actual cases are reported. 

These are several reasons for this growing epidemic. 

  • For one, elderly people have resources. They’ve worked their entire lives and have often built a substantial nest egg.
  • However, society has become much more complicated than it was years ago, so seniors are less familiar with sophisticated scams.
  • In addition, seniors can suffer from diminished capacity issues, something they didn’t have to deal with in their early years.
  • Finally, technology has advanced so there are more ways to bilk seniors from their hard-earned savings.  

In short, seniors are often preyed upon by scam artists. 

Fidelity Investments put together a short document to help seniors in this situation. We have highlighted the top action items for seniors you may know to protect them from future scams. 

Step 1: Create Oversight

Ideally, it’s best for more than one person to have oversight in a senior’s financial affairs. That way the elderly person is not dealing with new and sophisticated frauds alone. There would be another person there to help with the added complexities of life in 2017. So encourage your loved one to have a family member or trusted advisor act on their interest. 

Step 2: Setup Alerts

Setup alerts whenever significant financial transactions occur. This will help catch problems as they are occurring. You can also monitor credit card and bank card statements to catch suspicious recurring charges. These steps help minimize the potential for scams for some of the elderly you know.

Step 3: Act Quickly

Finally, act quickly. If you are concerned about potential fraud, seek assistance early—problems will only get worse over time. Contact the financial institution involved as soon as soon as you notice something is wrong. That will help fix these problems quickly and prevent future issues.   

Share With A Senior

Do you know a senior? 

This would be a good article to share with them. Please forward along to a loved one and let’s protect one another from scam artists who prey upon elderly people.  



IMPORTANT DISCLOSURE INFORMATION: Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Republic Wealth Advisors), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Republic Wealth Advisors.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  Republic Wealth Advisors is neither a law firm nor a certified public accounting firm and no portion of this blog content should be construed as legal or accounting advice.  If you are a Republic Wealth Advisors client, please remember to contact Republic Wealth Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of the Republic Wealth Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request.

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