Your Dad tells you about a friend of his, someone you have heard him recently start talking about, who is down on his luck.  He tells you a story about this fellow not being able to find work and all the trouble he is having with the government and his family.  What your Dad doesn’t tell you is he took this fellow to the bank with him last week and withdrew $10,000 and handed it over to him with nothing more than a handshake as collateral.

While you are visiting with your Mother you notice a bundle of wire transfer receipts on her desk totaling in excess of $40,000.  She tells you she is investing in a new offshore tax haven.  Upon further investigation you suspect she is being scammed by fraudulent telemarketers.

Our parents become vulnerable as they grow older and lonelier.  As a result they can become victims of scams or eldercare predators.

You must help empower your parents to recognize predators by regularly discussing ways they can prevent becoming victims.  Discuss the following buzz words with your parents and encourage them to be on guard if they hear these:

–         “Act Now” or the offer will not be available;

–         Do not miss this “no risk” offer;

–         You must “send money” in order to receive your prize;

–         You’ve won a “free gift, vacation or prize” but you must send money to cover postage and handling;

–         No we do not have any literature we can send you.

Urge your parents to resist high pressure sales tactics from telemarketers.  Remind them continually of the following:

–         Hang up if they are asked to pay for a prize;

–         Never disclose their bank account, credit card or any personal information to anyone unless they know who they are dealing with;

–         Always ask for written information if they are interested in something;

–         Tell the caller not to call again and hang up.

Insist on meeting your parents’ new friends.  It is worth the time it takes to drop around for a cup of tea and visit. If you suspect this new friend is taking advantage of your parent you will be better positioned to prevent it by knowing more about them.  You can alert your parents’ financial institution and investment advisors of your suspicions while giving them your name and phone number.   If your parents have trusted neighbors and friends alert them to your suspicions.  Call your community police for information and resources on handling this problem.  Fraudulent people are less likely to act if they know family and friends are concerned and watching. 

There have been many cases of fraudulent persons having people’s wills changed, conning victims into marriage, obtaining a Power of Attorney and having property transferred into their names.  If your parents think you are prying too much but you suspect this type of behavior it may be necessary to get legal advice on guardianship as quickly as possible.  You may need to remove your parents from their home, and away from the fraudulent person or persons, immediately and have them stay with you until you get the situation under control. 

Tags: aging parents, eldercare predators, victims of scams