The elderly are easy prey for scammers.
Not a day goes by without news about another elderly scam victim being targeted.
This isn’t a coincidence.
Your parents are older than you (citation needed). Older adults are more vulnerable to poor financial choices, and this includes scams.
Often, their children (that’s you!) are the first to notice when they get scammed. But their behaviour is hard to change, even when we know they are becoming a scam victim.
Why the elderly are vulnerable to scams
- Their fluid intelligence is declining.
Ageing results in cognitive decline. In addition, some older adults will suffer from the cognitive effects of dementia, resulting in further cognitive impairment.
2. Older people tend to have more money.
The elderly have had a longer time to build up their savings. This makes them a juicier target for scammers as the potential payoff is bigger.
3. Older people can’t return to work as easily.
The elderly don’t have as many options for generating income to replace their lost savings. In contrast, a younger scam victim would bounce back more easily from their loss as they could continue to earn an income.
How to prevent the elderly from becoming scam victims
1. Enlist the help of a trusted adult child or friend
Often, scams involve isolation and secrecy.
A trusted individual is key to breaking the illusion that the scammer creates.
We are much likelier to listen to someone we know and trust.
2. Bring in a neutral third-party.
“I know more than you, so listen to me” is not a winning formula.
It really doesn’t work on the elderly either.
Instead, try using an educational tone.
“I learnt that secrecy and incredible returns are two indicators of a scam.”
Much more relaxed and much less domineering.
Point them to a scam resource like our local banks’ anti-scam centres or a financial expert.
3. Check for cognitive function
Financial losses and poor financial decisions may be a sign of dementia.
Money management mistakes can signal dementia up to 4 years early before a traditional diagnosis.
The period before a dementia diagnosis is a particularly vulnerable time for the elderly.
Watch out for financial mistakes like missed credit card payments, taking on excessive risk, and yes, falling prey to scams.
Maintain compassion and empathy
It can be frustrating to deal with scam victims, especially if they did not heed the warning signs.
We have to consciously remember that we are not here to say “I told you so”, but to help them carry on life as normal.
An ounce of prevention is worth a pound of cure. We should try our best to stop the scam from happening in the first place.
Leave a Reply