It’s crucial to protect elderly family members from financial scams and abuse. They’re often targeted due to their vulnerability and cognitive decline. It’s reported that seniors collectively lose upwards of $36 billion annually from financial exploitation.
By staying informed about common scams, monitoring their financial accounts, and having open conversations about financial safety, we can work together to protect seniors from financial exploitation.
To support seniors and their families, The Kensington Falls Church has teamed up with WayWiser, an organization that offers virtual workshops on senior financial safety.
In this latest series, you will hear from experts such as:
- Lindsay Faeder, CEO of WayWiser
- Tiffany Fernandez, COO of WayWiser
- Christine Kieffer, from FINRA Investor Education Foundation
- Luis Carvajal-Kim, Cyber Security Executive & Former Cyber Counterintelligence Special Agent
- Kristin Owens, Former NY Federal Reserve
- Tami Anastasia, Dementia Caregiver Support Counselor
To learn more about this event and how to protect your loved one from financial exploitation, RSVP for Part II of our series on senior financial safety.
The Kensington Falls Church and WayWiser’s two-part series on financial safety
The Kensington Falls Church frequently unites with health and wellness professionals to help family members understand the challenges their senior loved ones will face.
Understanding these challenges can help family members along their caregiving journey and provide their loved ones with the best support.
Our assisted living and memory care community strives to ensure our residents can age in place comfortably, happily, and without stress.
In partnership with WayWiser, we offer residents and their families the opportunity to learn about organizing, managing, and safeguarding their health and financial well-being.
Part I: “Knowledge is Power”
Our two-part series on senior financial safety began with Part I: “Knowledge is Power,” which took place on April 26.
Participants in the first part of the series were educated on the prevailing types of fraud and how to protect their loved ones’ personal information.
The most frequent forms of fraud include:
- Medicare/healthcare fraud
- Investment scams
- Sweepstakes scams
- Charity scams
- Grandparent scams
- Telemarketing fraud
To prevent these scams, caregivers should advise seniors to be wary of unsolicited phone calls and emails.
Don’t miss out on Part II of our series titled “The Best Offense is a Good Defense” by RSVPing to join us on May 18.
During this event, Lindsay Faeder, the CEO of WayWiser, will emphasize the significance of financial fraud.
Additionally, Tami Anastasia, a dementia caregiver support counselor, and Kristin Owens, a former Federal Reserve Bank of New York member, will provide valuable insights and advice on recognizing warning signs of fraud and communicating financial safety with loved ones.
Help prevent your loved one from financial abuse and scams
As a family member or caregiver of a senior loved one, having conversations about financial safety is essential.
Following these steps can help prevent your loved one from falling victim to financial abuse and scams:
- Discuss financial scams with your loved one and educate them about common scams, such as phone and email scams, phishing, and identity theft.
- Encourage seniors to exercise caution and refrain from sharing personal information with individuals they do not know.
- Monitor your loved one’s financial accounts for unusual activity, such as unauthorized purchases or withdrawals. Report anything suspicious immediately.
- Limit access to personal information by shredding sensitive documents and not sharing personal information over the phone or online.
- If your loved one cannot manage their finances, it may be advisable to consider obtaining power of attorney to manage finances on their behalf.
- Look out for changes in behavior, such as sudden withdrawals from their accounts, unexplained expenses, or isolation from family and friends.
- Report any suspicious activity to the authorities by contacting your local Adult Protective Services agency, the police, or the National Center on Elder Abuse.
Dependable sources for guidance on financial planning
With proper support and guidance, seniors and their loved ones can make informed financial decisions.
Trust officers, money managers, and estate administrators are among the professionals who can provide valuable assistance.
Trust officers are a dependable source for financial planning advice and can aid with managing trusts, estate planning, wealth management, and retirement planning.
When selecting a trust officer, seek an experienced, licensed, and reputable individual.
Working alongside a reliable money manager can provide peace of mind and confidence in financial planning and safety for seniors and their families. Money managers can assist with investment management, financial goal setting, retirement planning, and wealth management.
To ensure that your chosen money manager is reputable, requesting references and verifying their credentials with a professional organization is recommended.
Estate administrators are a valuable resource in assisting with various aspects of estate management, debt management, legal responsibilities, and family support.
A reputable, skilled, and trustworthy estate administrator can guarantee your senior loved one’s estate is managed effectively, debts are paid, taxes are reduced, and assets are distributed according to their wishes.
The Kensington Falls Church is here to help
The Kensington Falls Church is a specialized assisted living and memory care community that collaborates with health experts to provide enhanced services.
Our Promise is to love and care for your loved one as we would our own family.
Upon joining our community, our residents receive:
- Around-the-clock care
- On-site nurses
- Medication management
- Rehabilitation services
- Physical therapy
- Occupational therapy
- Speech therapy
- Exquisite dining
- Life-enrichment activities
- Two neighborhoods of specialized memory care
We also have resources available for caregivers, such as Konnect and Kensington Caregiver Club.
Please contact us or check out our blog to learn more about our communities, services, and upcoming events.
Join us on May 18 for Part II of our senior financial safety event by RSVPing, so you can discover more about how to protect your loved one from financial fraud.