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Money Scams: Insights and Solutions

Money Scams: Insights and Solutions

Money Scams: Insights and Solutions. Older adults are vulnerable to various scams, including fraudulent calls, emails, and door-to-door schemes. Scammers often exploit their trust, targeting savings, personal information, or even posing as family members in distress. Common scams involve fake lottery winnings or requests for financial assistance. Educating older adults about these risks, promoting skepticism towards unsolicited communications, and establishing communication channels for verifying requests are essential in safeguarding them from falling victim to financial exploitation and identity theft.

Older adults are particularly vulnerable to scams. Various investment scams tend to cause the most significant losses for seniors, averaging $17,172 stolen per senior aged 70 to 79. Another high-cost scam for seniors (mainly those 80 or over) is a romance scam, resulting in $10,000 lost per person.

Back with us today are Mike & Kim Barnes of Parenting Aging Parents. If you missed their first episode with me, Balancing It All, be sure to listen to that one next.

Kim has had to find solutions to prevent her Mom from being scammed again. Scams are a topic I haven't covered before, and we all must understand how to minimize and protect our families from financial losses due to scams.

Find Mike & Kim here www.raisingagingparents.com


Related Episodes:

Money & Financial Warnings Signs for Elderly

Future Security: Money & l Elder Abuse with Expert Advice


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Fading Memories was created to support family caregivers in a simple, on-demand form. When I was looking for advice on caring for my Mom, I needed this podcast. Since it didn’t exist, I created what I needed!
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