Saturday, October 14, 2017

Financial Scams in the Alzheimer's Community


Financial scammers are known to target the senior citizen community, but senior citizens with Alzheimer’s are especially at risk. This is because of the assumption on the part of the scammer that the Alzheimer’s patient will be easier to deceive with their scam tactics. Unfortunately, we constantly hear sad stories about caregivers who realize their loved one has been fleeced financially under these circumstances. But how do we protect ourselves and our loved ones from financial scams? Read below to find out!

Alzheimer’s disease is an unfortunate condition that is associated with significant memory loss, as many of my readers already know. This creates a two-fold risk for scam victims, because not only are they more likely to believe the scammer, but they’re also more likely to be tricked by the same scammer on numerous occasions. A person whose memory functions properly will remember when they were scammed in the past and avoid that scammer, but an Alzheimer’s patient might forget and fall victim to the very same scam.

The first method of action to avoid being scammed if you’re dealing with Alzheimer’s is to sign up for an identity theft protection service that runs in the background. This type of service can be helpful for anyone, but it is especially useful for Alzheimer’s patients and their caregivers, because the patient is less likely to remember to check their credit history and stay on top of whether they have recently been scammed. A service like LifeLock runs in the background and sends mobile alerts to either the patient or the caregiver (whoever signs up for the service) which really makes the process a lot easier.


You should also be sure to meet with an Alzheimer’s financial planner, so that you can delegate control of your finances to a trusted party. If your finances are out of your control, it will prevent you from being scammed even if you fell for the scam. Last but not least, be sure to read through the accompany infographic (and maybe even print it and tape it on your fridge) so you’re aware of the common pattern that financial scams in the senior community take. If nothing else, knowing what to look for can help you or your loved one stay safe
                                                                            
God Bless & Keep You & This Country of Ours!
joe

2 comments:

Carol Noren Johnson said...

Very interesting, Joe!

troutbirder said...

Indeed. I am a caregiver for my wife and have caught several scams. The last one barely. My impression is that they are getting more and more sophisticated in recent years. And a person with memory loss would hardly stand a chance without help. Thanks for the tips...:)