Elder Fraud: The Silent Epidemic

Financial fraud is stealing $36 billion from our elders every year. So often, they don’t recognize it or they are too ashamed to tell family members for fear of repercussions. The Equifax breach is just one more in a long line of complications. One of the things you might do for yourself and your loved ones is to put a lock on your credit. When you need it, you can unlock it, so it will require an extra step … but that is GOOD!

To learn more about getting a free credit report and how to put a lock on your credit, visit this site hosted by the U.S. Federal Trade Commission. 

For those worried about loved one, I found doing things for myself first and talking about it or asking advice was one way to have a discussion with my parent’s about what might be an uncomfortable topic. When we needed to redo the Durable Power of Attorney for my parents, I first talked about who I listed and why. Even with a diagnosis of dementia, both of my parent’s were deemed to have decisional capacity by a doctor. And we could and did have a conversation about the issue and it resulted in making changes that they understood and were comfortable with.

It might be a good time to bring this up with a parent you are concerned about. After you go through the process yourself, you could suggest it for mom and/or dad, and let them know how easy it was.

The first step is to take a look at your credit report. As I recently shared, I found that accounts of my deceased mother were listed on my credit report. You never know what you might find! The next step is to consider putting a lock on your credit. It won’t protect your or your loved ones from exploitation, but anything you can do to minimize yours, and your loved ones risk, is a good thing.

To learn more about some of the scams you can watch this CNBC report. Shared.