Family Caregivers are Front-Line Fraud Fighters for Loved Ones

Many older adults grew up when everyone answered their phone. It was considered impolite not to, and it was the only way to find out who was calling. Scammers prey on that politeness! There are many steps you can take with settings and some basic ground rules to help protect loved ones from a scam that begins with a phone call.

• Advise them to be wary of all unsolicited communications and any requests for personal information. Here are a few best practices to let them know about:
  • Don’t answer calls or texts from unknown numbers – anyone legitimate will leave a message.
  • Don’t give unsolicited callers private information such as bank account details, credit card numbers, or Social Security or Medicare numbers.
• Write a refusal script for your loved ones with phrases they can say such as “No thanks,” “Don’t call again” or “I don’t accept offers over the phone” if a stranger is trying to engage them. Tell them to hang up without any further conversation.
• Let them know about common scams. People who call may not be who they say they are. Discuss ways to verify independently the caller’s identity.
• For smartphones, set up contacts with names on them instead of numbers, for example “pharmacy,” “neighbor,” “doctor,” etc.
• Investigate services to block robocalls, unknown numbers, and spam texts. Some phone providers offer free robocall-blocking. The website of CTIA, a trade association that represents the U.S. wireless industry, has lists of apps for Android and Apple devices that block robocalls and spam texts.

Take Steps to Protect Their Finances

Your loved one may need help managing their money. In fact, challenges with managing finances is an early warning sign of cognitive decline.

You may gradually realize you need to step into this role when you find stacks of unopened bills. Or you may be thrust into this responsibility suddenly, such as after a hospitalization. In the early stages of managing a loved one’s money, you’ll likely be overwhelmed with the change in circumstances.

To avoid making your loved one feel disempowered, be sure to keep them informed of their financial status and involve them in decision-making when possible.

Here are some tips to get you started:

• Ensure that bills are getting paid. Talk to your loved one about setting up automatic payments for recurring bills or having bills sent directly to your address
• Monitor account activity. Ask if you can receive copies of their bank statements. Ask if you can work with the bank to set up a way for you to be able to monitor account activity. Banks can provide account-activity alerts, which allow the account holder or a designee to receive texts, emails, or mobile push notifications for large withdrawals and/or other activity.
• Ask to be your loved one’s trusted contact. You can be added as a “trusted contact” at their financial firm if you are not already designated as such. You won’t be able to access the money, but it allows the financial institution to alert you if they notice suspicious activity.
• Consider using a service to identify fraud. Help your loved one subscribe to services such as Aura, Identity Guard, and Lifelock by Norton that alert them to potential identity theft, such as someone applying for a credit card or loan in their name. AARP members can receive a discount on some Norton identity theft protection products.
• Help them freeze their credit report. A freeze prevents anyone from opening a credit account in their name; they can quickly unfreeze it if they do need someone to access it — to get a loan approved, for instance. It is all FREE.

Consider These Additional Actions

Beyond understanding how the phone is a gateway to scams and protecting your loved one’s financial assets, there are other steps you can take.

• Install a video camera at the doors to the house and encourage your loved one not to answer the door if it’s someone they don’t recognize.
• Ensure your loved one’s computer is up to date with security software and malware protection.
• Encourage your loved one to set their profile so that only their friends can see their Facebook page.
• To avoid fraud perpetrated through stolen documents, secure all personal documents in the home (tax returns, passports, bank statements) out of sight, in a safe, or online.

My Loved One is the Victim of a Scam – Now What?

Scammers are criminals who employ deceptive tactics to illegally obtain money or personal information from unsuspecting victims. Their actions can have devastating financial and emotional consequences.

If someone tells you they have been scammed, always lead with kindness and empathy.

As with any crime, getting mad or blaming the victim usually stops the conversation or makes it worse. A great response is: “I’m sorry. We will figure this out together.” Be ready to support your loved ones if and/or when they realize they were a victim.

Here are some practical steps to take:

• Contact their bank and credit card companies immediately. Cancel any cards or accounts that may have been compromised. This helps prevent further unauthorized charges or withdrawals.
• Report the scam to the proper authorities:
  • Federal Trade Commission at ftc.gov/complaint or call 1-877-FTC-HELP
  • NH Department of Justice consumer protection office
  • Internet Crime Complaint Center at ic3.gov for online scams
  • U.S. Postal Inspection Service at usps.gov for mail fraud
• Contact the major credit bureaus (Equifax, Experion, TransUnion) and request a credit report. Look for any unauthorized activity and consider placing a fraud alert or credit freeze on their reports.
• Contact the local police department to file a report, get a copy of the report, and keep a record of all information related to the scam.
• If they lost money through a peer-to-peer money transfer app such as Zelle or Venmo, request their money back from the app company. The companies may be able to reverse the transfer if acted on quickly.
• Call the AARP Fraud Watch Network Helpline at 1-877-908-3360 for support and guidance. The helpline is free and available weekdays 8 am to 8 pm.

Being proactive can help minimize damage and prevent further victimization. Doing so can help authorities identify trends and stop the scammers.

The most important thing to understand is that there are resources and support out there if your loved one has been a victim. The AARP Fraud Watch Network^TM offers free, confidential discussion groups for victims of fraud and their loved ones. Click here to join an AARP Fraud Victim Support Group.

Additional AARP Resources

• How to Keep a Loved One with Cognitive Decline Safe from Scams
• Spot the Red Flags of Elder Financial Abuse
• 10 Steps to Help You Manage a Loved One’s Money
• A Legal Checklist for Family Caregivers5 Ways to Prevent Elder Financial Exploitation
• 15 Ways to Protect Yourself from Fraud
• It Can Be Agony When a Loved One is a Victim—But Refuses to See It
• I Never Thought I Could Be Scammed . . . Until I Was
• What to Do After You’ve Experienced a Scam