Caregiving Tips

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10 Tips on the Financial Matters of Caregiving - TIP #3: Prevent Financial Fraud and Scams

When caregiving for family and friends, one of the greatest financial concerns can be addressing their vulnerability to fraud and scams.

 

When I became involved in helping my parents manage their finances, I realized Dad had been giving money for years to a man who claimed he was associated with an organization that helped disabled veterans. But there was no evidence of his fake organization, and when I asked him to stop calling my dad (and explained that dad had Alzheimer's and could not afford to donate), he wouldn't stop calling. His phone number wouldn't show in caller I.D. so I couldn't report him that way. Eventually, I changed my parents' phone number, and then the calls finally stopped. I wasn't sure how much money dad had given this man over the years, but I was so angry at how his kind, trusting, giving nature had been exploited by a scammer. 

 

Like many older adults, Dad's world had gotten smaller, he was probably lonely sometimes and more vulnerable to someone who chatted him up on the phone. It never occurred to him that someone would commit fraud in such a way, and the beginning stages of Alzheimer's made him all the more vulnerable. 

 

Those you care for may be targeted by scammers, so it's a good idea to keep a close eye on things. Here are some tips and resources to help you prevent fraud and scams (click on the hyperlinks for more in-depth info and tips on dealing with each topic):

 

 

Always report fraud and scams. Reporting helps the authorities track trends and identify scammers.

 

Share your experiences with fraud and scams in the comments below!

 

Take care,

Amy Goyer, AARP Family & Caregiving Expert

Author, Juggling Life, Work and Caregiving

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