Common Financial Scams Against the Elderly

The elderly often fall prey to scams that can negatively impact their finances simply because they are not always aware of what is going on around them. Unfortunately, there are some bad people out there who take advantage of the elderly for their own financial gain. Knowing more about the common scams against the elderly is a necessity for anyone who has an aging loved one. Giro Law explains some of the most common financial scams that involve seniors.

Attempting to Get Married to Gain Access to Funds

Some people will go through great lengths to access funds when they believe that an elderly person is wealthy. Unfortunately, this may involve pretending to be in love with an individual to get married to and have easy access to that person’s funds. While many seniors do not fall for this type of scam, others like that feeling of being in love because it brings them great joy. They may assume that the person is being genuine, but it is often obvious to others that the individual is trying to marry the elderly person for their money, especially when there is a huge age gap between these individuals. While every situation is different, loved ones of the elderly should be wary of a much younger person who suddenly attempts to get married to their relatives without having a prenuptial agreement in place.

Signing Documents on Behalf of the Elderly Person

Depending on a senior’s condition, he or she may be unable to read through important documents, including documents from a banking institution. There are times when caretakers or other individuals who regularly visit with seniors take advantage of them by forging documents on behalf of the elderly person as a way of sending themselves money from the elderly person’s account. This can start with writing out checks in smaller amounts. However, these actions will often continue when they go unnoticed by the elderly individual, and that means that the person who is forging their signature and signing documents could potentially wipe out their bank accounts without their knowledge.

Abusing Trust by Accessing Funds Without Permission

In addition to forging signatures and signing documents, some caretakers abuse the trust and bond between themselves and the elderly by accessing their funds without their permission. They may use a senior’s debit card to pay for personal purchases while pretending to be acting in the best interest of the elderly individual.

Protect the Elderly Against Financial Scams

Unfortunately, the elderly are often easy targets for scammers. Many seniors are unable to review their bank account information or even understand certain documents that might come in the mail. While there are bad people out there who can essentially rob these elderly people of everything they have worked for throughout their lives, there are ways for family members to take extra steps to protect their elderly loved ones and their assets. If you want to make sure your elderly relative does not fall prey to these common scams, Giro Law is ready to help. We provide assorted elder law legal services. Contact us at 201-690-1642 to schedule your consultation with us.