The One Best Way To Avoid Financial Scams, Fraud And Abuse

Share to linkedinFrauds, scams and financial abuse, especially against senior citizens, are increasing. They’re also drawing more attention from researchers and law enforcement. Two conclusions stand out from all this attention. One conclusion is that many people who think they are unlikely to be victims really are at risk. Another conclusion is that it is fairly easy to protect yourself.

Reduced cognitive function isn’t the same as developing dementia or Alzheimer’s disease. That misunderstanding is what deludes some people into thinking they aren’t likely to be taken advantage of. Reduced cognitive function means the brain isn’t as nimble as we age, just as our eyes and ears aren’t as sharp. The lower cognitive function makes older people susceptible to frauds, scams and abuse.

An advantage to aging is that we gain experience that allows us to develop a bank of information we didn’t have when we were younger. This experience can be called wisdom. It’s available to offset a decline in cognitive function to avoid bad financial decisions. To use it, all that’s needed is to make decisions more slowly and thoughtfully.

The victims tend to have some level of social isolation and even loneliness. In particular, they don’t discuss their finances or financial decisions with people who are close to them and trusted. Or they have these discussions with only one person and no one else, and that one person takes advantage of them. In fact, some research says that over half of fraud and abuse losses were caused by a relative or friend.

It’s possible there will come a time when someone else will have to be in charge of or help with your finances. You need to identify this person before there’s a need. Create a power of attorney naming this person as your agent and set them up as the successor trustee of your living trust, if you have one.

It's not just the elderly. ~86% of victims of domestic violence experience financial abuse and finances are used specifically as a tactic to isolate and control the victim. It's not all about strangers and scams. Some of the worst damage can be done by your partner.

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