Not all Scammers are Strangers!
We’ve all read the news articles, heard police departments caution against answering the phone, giving out your social security number, clicking links… We’ve gotten the phishing emails and texts and I, and other daily money managers, have often talked about seniors being preyed on by someone sitting behind a computer in a foreign country, trying to steal their ID.
But unfortunately that’s not all we have to guard against as we age. I just read an article today that was too depressing (and frankly gruesome) to link to, but seniors that are lonely, that have limited relatives, or loved ones scattered across the country, are equally vulnerable to the friendly scammer. Whether it is an actual relative, a neighbor, a friend, someone local, there are cases of people taking advantage of an elderly person by preying on their kindness. As seniors age and start to have trouble reading their mail or understanding statements, maybe a helpful person in their life comes along and offers assistance. Most of the time that person is a guardian angel. I’ve been called several times by that person who has realized that while they’d love to help, it’s become a full-time job, or what is now required is beyond what they are capable of doing. I’m always so grateful that my now-client has someone like that in their life.
However, there are people that take advantage - that see dollar signs and the potential to inherit and slowly ingratiate themselves into the senior’s life with the plan of becoming Power of Attorney, of changing titles, and getting named as beneficiary on accounts, even having the senior name them in their Will! Luckily in the case of the news article I just read, the financial advisors became suspicious and actually showed up at the house to talk to the client. Kudos to them! Unfortunately some professionals are too busy or believe that the person has the best of intentions and don’t think to investigate further.
As a daily money manager, I’m an impartial third party who acts only in the best interest of my client. I cannot, and will not, be named as a beneficiary or receive compensation other than my hourly rate. And I will make sure the client’s wishes are being honored. No distant cousins or estranged grandchildren coming out of the woodwork who are suddenly the point person on every financial document (but still somehow don’t know their loved one’s birthday). Again, most relatives and friends only have positive intentions but too often in the news (and in my work) I see someone befriend a senior with the purpose of financial gain. This can go as far as transferring cars and homes into their own names! In the recent news case, the senior had family, but they weren’t nearby and the senior was a bit of a loner. Thank goodness for those financial advisors but most of the damage was already done, they turned off the phone and sold collector’s items. We mostly all know now that the strange email from “Amazon” asking for $500 in a money order is a scam, but would an elderly loved one know that the new friend helping them is really helping themselves?
