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Ways to Prevent Elder Financial Fraud

“Most people do not listen with the intent to understand; they listen with the intent to reply.” –Stephen R. Covey

Cybercriminal activity has been on the rise and with so many financial accounts now accessible via online tools, we are all more susceptible to financial fraud. One of the populations targeted the most is seniors, which is why helping these individuals monitor their financial accounts is more important than ever before. It is important to remember that the perpetrator may be a professional or an individual who is known and trusted by the victim. Below are some ways to help you protect your loved ones against elder financial fraud. • Monitor financial accounts. At least one trusted individual should review and monitor their financial activity. • Be aware of common scams. Sign up for AARP’s free Fraud Watch Network to receive up-to-date information, alerts and resources to help you spot scams. • Utilize account alerts. Use automatic alerts offered by financial institutions to notify you when significant transactions are requested or when a change has been made to their profile. • Act quickly. If your loved one has been targeted by scams or fraud, seek assistance immediately by contacting banks, financial institutions and credit bureaus as appropriate. • Be compassionate. Many seniors do not want to discuss being scammed as they may feel embarrassed or ashamed. Talk to your loved ones often in order to help them feel more comfortable sharing potential or successful fraud attempts. Let them know they are not alone and how important it is to act quickly if someone has attempted to obtain their personal information.

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