Family fraud, where people the victims know exploit their trust, can have devastating financial consequences for seniors. According to the AARP, Americans aged 65 and older lose over $28 billion annually to fraud, with 70% of these losses coming from individuals they know — including family members, neighbors, caregivers, and friends. Many seniors are reluctant to report these crimes due to feelings of shame or fear of repercussions. However, proactive measures can help safeguard elderly relatives from exploitation.
The article outlines five key steps to protect loved ones from financial scams. One strategy is to minimize the personal data available online by removing sensitive information from data broker sites. These platforms often sell details like phone numbers, email addresses, and financial status online for cheap, giving scammers the tools to impersonate relatives or manipulate seniors. Removing such information can significantly reduce the risk of identity theft and fraud.
Another method involves using data removal services to automatically delete personal information from hundreds of data brokers. These services help by monitoring and removing data from the internet, providing a more effective and less labor-intensive way to protect sensitive information. Additionally, limiting access to seniors’ financial accounts, monitoring their identity, and setting up alerts for suspicious activity are crucial steps.
Family fraud is often difficult to detect because the perpetrators are people the victims trust. By taking early preventive measures, such as unlisting phone numbers and securing financial information, families can significantly reduce the risk of scams. While no solution is entirely foolproof, data removal tools, combined with credit freezes and identity monitoring, offer the best protection. The article concludes by urging readers to take action and discuss financial safety with their older relatives to prevent unnecessary loss and emotional distress.