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How to Protect Yourself Against Financial Scams

a senior on the phone looks worried possibly after realizing they fell for one of many financial scams targeting seniors

After years of hard work, seniors deserve to live out their golden years in comfort with the security of their retirement fund. However, there are some who seek to take advantage of people through financial scams targeting seniors. It is important that those in charge of a senior’s care are trustworthy. When looking for a retirement community, safety should be one of the main considerations.

Here at Buckner, our residents’ safety is of utmost importance. Senior security at Buckner Retirement Services can offer peace of mind to seniors and their loved ones. Our luxury facilities offer round-the-clock security and care to ensure that all needs are met at any time of day. Our experienced and friendly staff are thoroughly screened and trained in order to provide the best level of care to all our residents. If you are looking for a community in which you can safely enjoy your retirement years, contact us at 214.227.7182 to see what we can offer.

Why Financial Scams Targeting Seniors Are Common

Financial scams can hit people of any age, but seniors are a common target for scammers. Here are a few reasons why:

  • Senior adults often have a considerable amount in savings or in valuable possessions, making them a tempting target for scammers.
  • They are often not as knowledgeable or tech-savvy as younger people, making them vulnerable to online or social media scams.
  • Older adults tend to be more trusting of others, especially if they believe that that person is trying to assist them.
  • It is common for them to live alone, and the lack of a support system, combined with loneliness and isolation, makes them a vulnerable target for scams.
  • Some seniors may be in physical or cognitive decline, which may negatively affect their decision-making capabilities.
  • Elderly adults may hesitate to report a scam out of fear of being deemed incompetent and losing their independence.

What is even scarier is that a significant amount of financial scams against the elderly are perpetrated by those around them, such as their family, friends, or caretakers. Their need to be dependent on others in their day-to-day lives makes the elderly vulnerable to exploitation.

Tips for Protecting Seniors from Financial Scams

Falling prey to a financial scam may seem scary, but it is possible to avoid catastrophic losses by following a few simple tips:

  • Set up a financial power of attorney for someone that you trust. An additional set of eyes can ensure that there are no suspicious or fraudulent transactions being made. Discussing any major purchases with someone else helps to flag any expenses that are unnecessary or ill-advised.
  • Read up on common financial scams targeting seniors and the methods in which they are carried out. Being familiar with how popular cons work can help you stay vigilant and avoid getting scammed.
  • Be cautious of products and services that are purchased online, especially if it involves a sizable amount of money. Research providers and retailers online, or stick with those that can be personally recommended by people you trust.
  • Be skeptical of all unsolicited offers, especially if the offer is urgent and requires the release of personal or sensitive information. If something is too good to be true, it most probably isn’t.
  • Thoroughly check the background of any staff or caregivers that will be working closely with you, within your house, or with easy access to your valuables or personal information.
  • Introduce new friends or romances to trusted family members or long-time friends. Be wary if a new acquaintance seems hesitant to show themselves to other people in your life.

As people age, relying on others becomes more necessary as their health declines. It is important to get quality senior care from trustworthy facilities in order to ensure the health and safety of elderly adults.

Enjoy Senior Security at Buckner Retirement Services in Texas

Buckner’s luxury senior communities in Texas offer a wide variety of services and amenities that ensure that all our residents live full and vibrant lives. Relax and enjoy your golden years with the help of our trustworthy and experienced staff. Contact us at 214.227.7182 to schedule a visit to our beautiful facilities today.