By Joel Dresang
In recognition of World Elder Abuse Awareness Day, Landaas investment advisors devoted the second half of the June 13 Money Talk Podcast to a discussion of how to protect older investors from financial exploitation.
Learn more
Protecting yourself from scams, by Jason Scuglik
How We Can Help You: Elder Fraud, from the FBI
Elder Justice Initiative: Financial Exploitation, from the Department of Justice
“Not a day goes by that I’m not having a client in the office or on the phone where I have something I need to pay attention to, to make sure that they’re not being taken advantage of, that they’ve not fallen victim to any number of countless frauds, schemes, grifts that are out there,” Kyle Tetting said during the podcast.
“Not only are the elderly targeted because at times they can begin to slow a little bit in their ability to navigate more complex, more technological situations, but also the elderly tend to have some of the largest stores of wealth.”
Whether you yourself are an older retiree or you’re close to someone who could fall prey to elder fraud, vigilance can pay. The U.S. Department of Justice notes these red flags.
Warning signs of elder fraud
- Unexplained charges or withdrawals from a bank account.
- Suspicious signatures on checks or other financial documents.
- Abrupt changes in a will or other financial document.
- Unpaid bills despite having adequate financial resources.
The Justice Department provides Senior Scam Alerts with information about specific tactics used in common elder scams such as romance scams, lottery/sweepstakes scams, grandparent scams and tech support scams.
What to do
As advised on the podcast, which included Mike Hoelzl and Kendall Bauer, investors always should be wary of unsolicited calls, emails and text messages seeking a financial response or personal information. It also helps to be open with your investment advisor about suspicious activity and to provide a trusted contact your advisor can check in with.
Joel Dresang is vice president-communications at Landaas & Company, LLC.
(Heads Up is an occasional feature by Landaas & Company investment to alert consumers to ways in which crooks are trying to separate them from their money.)