Preventing Scams

FACTS

• Older adults lose millions of dollars every year through financial scams.
• Memory loss further increases the risk of being a victim of fraud.

RISK FACTORS

• Overly trusting or friendly with strangers
• Recent traumatic or stressful event
• Confused when speaking on the phone
• Making frequent or larger than normal donations to familiar or new charities

STRATEGIES

At home

• Post a “no solicitation” sign on the front door and do not answer the door for strangers or salespeople.
• Forward mail to a reliable family member to screen if it is difficult to distinguish junk mail from important documents, if bills pile up, or if needed mail is misplaced.
• Answer the phone only if the name and/or number are recognized on caller ID.
• Install reputable computer anti-viruses, firewall protection, and email spam filters.
• Review the annual credit report at www.annualcreditreport.com for duplicate payments or large purchases.
• Suspect fraud? Call AARP Fraud Fighter Call Center at 800-646-2283.
• Enroll with National Do Not Call Registry: www.donotcall.gov
• Opt out of unwanted mail: https://www.consumer.ftc.gov/articles/0262-stopping-unsolicitedmail-phone-calls-and-email

Financial

• Read the website document Coming Closer for more information.
• Consider the following if there is concern over someone’s ability to manage money, putting them at risk for scams:
  • Establish a joint bank account with the Financial Power of Attorney who can monitor activity.
  • Ask a financial advisor to discuss any requested investment changes with the Financial Power of Attorney.
  • Set alerts on bank accounts for withdrawals over a certain amount.
  • Reduce limits on credit cards.
  • Consider removing checks and debit cards. It may help to keep a small amount of cash and even a cancelled credit card in the wallet.
  • Remove access to Social Security and Medicare cards.