- Credit Claims For Boston Seniors: Protecting Financial Security With Attorneys
- What Are Foreign Transaction Fees And How To Avoid Paying Them
- Financial Tips For Seniors
Credit Claims For Boston Seniors: Protecting Financial Security With Attorneys – Every year, millions of seniors are victims of some form of financial or credit fraud. Financial abuse targeting the elderly is a widespread problem that affects many people. The FBI estimates that seniors lose more than $3 billion to scammers each year.
So why are older people such easy targets? There are many factors. Older Americans have more time to accumulate wealth, which is often invested in housing and retirement savings. Some scams target older adults because of their perceived or actual frailty. Today’s seniors have also grown up in an era where they are more trustworthy. When seniors are scammed, they are often too embarrassed to report it.
Credit Claims For Boston Seniors: Protecting Financial Security With Attorneys
You may not realize it, but scams targeting the elderly are a form of elder abuse. At Hebrew Senior Life, our Elder Abuse and Neglect Prevention Center is dedicated to combating the incidence of elder abuse in Massachusetts. One way we do this is by providing education on how to identify the signs of abuse and advocating for the rights of older adults who have experienced abuse or exploitation.
What Are Foreign Transaction Fees And How To Avoid Paying Them
One of the best ways to protect yourself from scams, no matter your age, is to familiarize yourself with some of the most common techniques scammers use to steal your money, banking information, and other personal information. .
Seniors receive a call that they have won millions of dollars and must pay an administrative fee or taxes to receive the money.
Calls or emails to grandparents posing as law enforcement or medical professionals, claiming to represent a family member in distress (for example, late rent payments or car repairs). They may also pretend to be the “grandchild” and directly ask the grandparent to guess who is calling. Scammers request wire transfers to pay for medical bills and legal fees.
Pop-up browser windows that simulate virus scanning software can trick victims into downloading either a fake antivirus program (which costs a lot of money) or a real virus that gives scammers direct access to their computer. Masu. The pop-up also claims that your computer is locked and asks you to pay within a very short time and if you don’t pay, your files will be deleted.
Taking Measure Of The Governor’s Tax Plan
Scammers who claim to be from legitimate companies will ask you to pay for unnecessary technical support services or to solve problems that don’t exist. Scammers may create a fake girlfriend website with a number to call for support.
Seniors receive email messages that appear to come from legitimate companies or institutions, asking them to “update” or “verify” their personal information. Scammers also use other social media networks such as LinkedIn and Facebook to collect information. They can then use the victim’s connections to trick the victim into thinking that their contact is sending the message to them.
Scammers set up websites that look like legitimate stores, but exist solely to collect payment information or sell stolen goods. These sites can seem surprisingly authentic and can be found on social media or in the comments section of her website.
Scammers use fake online identities to gain the affection and trust of their victims. The scammer then uses the fantasy of a romantic or intimate relationship to manipulate or steal from the victim. This type of scam can occur on dating and social media sites.
How To Lower Your Credit Card Interest Rate
A senior citizen received a frightening phone call that her name or her social security number had been used for crimes such as stolen cars and illegal drug purchases.
Money is raised for fake charities. This often happens after natural disasters or major events. Before donating money, research the charity on sites like Charity Navigator and CharityWatch.
The scammer pretends to be representing the Social Security Administration (SSA) and needs money to adjust the Cost of Living Adjustment (COLA) for seniors.
A senior receives a phone call or voice message claiming to be from the IRS. Scammers say seniors owe taxes and could be sent to jail if they don’t receive payment right away.
Ways To Protect Seniors Falling For Scams
Scammers call and ask for information in an attempt to steal personal information and identity in order to issue seniors a new Medicare card or provide additional insurance at a discounted price.
Taking advantage of high medical bills, scammers offer drugs at discounted prices. They may also send sample medications that may be harmful if taken.
An unsolicited phone call or email from a financial advisor offering you a once-in-a-lifetime investment opportunity. If it sounds too good to be true, it probably is.
The scammer claims that the elderly person was given a large amount of money due to an accounting error and demands the money back.
Protecting The Elderly From Financial Exploitation
To obtain personal information from seniors, scammers offer various types of insurance deals, including home insurance, auto insurance, and life insurance.
In addition to being familiar with common types of scams, recognizing the warning signs can help you avoid becoming a victim of a scam. Above all, listen to your gut. If something doesn’t feel right about a stranger’s request, it’s okay to be skeptical and investigate further before taking action.
Economic exploitation is just one form of elder abuse. At Hebrew Senior Life, we are committed to drawing attention to the issue of elder abuse and discussing it within our community. By working together to recognize the signs and symptoms and take action, we can keep older adults safe.
Whether it’s making discoveries or developing new teaching methods, HSL continually works to improve the lives of older adults.
Financial Tips For Seniors
Rachel Lerner joined Hebrew Her Senior Life in March 2012 as General Counsel and Chief Compliance Officer. She also serves as director of HSL’s Elder Abuse and Neglect Prevention Center, which provides shelter and support services to older adults… Whether it’s offshore sweepstakes or care workers seeking opportunities to earn more than an hourly wage, they are often attractive targets for financial predators.
Just as sunlight is the best disinfectant, transparency offers the strongest protection against abuse. If others knew about the elderly’s financial situation, would-be predators could decide there was no opportunity to take advantage of them, or family members or professionals could intervene to prevent the fraud from going too far. I can. Here are some steps seniors and their loved ones can take to prevent financial abuse.
When you set up direct deposit, pension and benefit checks are deposited directly into a senior’s account. That way, your check won’t get lost in the mail or taken away by an unscrupulous caregiver.
Allow someone close to the elderly person to access the account to see if anything unusual is happening, such as a large check being written or an ATM withdrawing more money than usual. Please. Oversights can be made through copies of monthly statements or online access to your account. When you open a joint account with someone, that person not only has oversight, but also the ability to write checks, make investment decisions, and take steps to protect the funds in the account if necessary. It also avoids probate, making the transition somewhat easier upon the owner’s death. However, if a co-owner becomes the perpetrator, it can be a conduit for financial abuse, so be sure to only add names of people you truly trust to your account. And joint accounts can impact Medicaid planning.
Average Cost Of Car Insurance (2023)
Revocable trusts are useful for a variety of reasons. These include all the benefits of a joint account, but with few of the drawbacks. A revocable trust allows a trusted person to access your trust account and seamlessly step in even if you are disabled. Unlike a joint account, the trustee is not given ownership of the account. For example, if you have a girlfriend with four children and you name one of them as a co-owner of a joint account, she will keep the funds after your death rather than share them with her siblings. You have the legal right to do so. This is not the case with revocable trusts.
A power of attorney allows you to appoint an agent to act on your behalf for financial purposes if you become incapacitated. Unfortunately, unscrupulous agents can take advantage of this power. If this is a concern, safeguards can be built into the power of attorney document. For example, the document may name co-agents or require the agent to report periodically to a third party.
There’s nothing better than frequent visits from loved ones to prevent financial abuse and stop it from progressing. Either potential perpetrators realize they cannot isolate and take advantage of older people, or family and friends realize the abuse before it goes too far. If possible, offer to help sort bills or check on finances.
You should talk to your loved ones about your financial situation and stay informed about various scams. You can check the AARP Scams website to monitor current scams in your area. Make sure seniors know not to click on links in emails or give out personal information over the phone.
Pet Ownership And Maintenance Of Cognitive Function In Community Residing Older Adults: Evidence From The Baltimore Longitudinal Study Of Aging (blsa)
Seniors may have opened numerous accounts and have multiple credit cards over the years. These should be streamlined into a few important accounts and cards for easier monitoring.
Credit cards are now available that allow others to monitor you.
Financial advisors for seniors, financial advisor for seniors, financial advice for seniors, financial planning for seniors, attorneys for va disability claims, attorneys for insurance claims, attorneys for va claims, attorneys for seniors, attorneys for disability claims, attorneys for workmans comp claims, attorneys for small claims, financial planner for seniors