Be on the lookout for signs that your parents or loved ones are victims of elder financial abuse. If you see these red flags, be ready to step in and help.
- A change in your parents’ spending habits, which could be a sign that they were scammed out of their savings.
- Unusual activity in your parents’ bank or credit card account, such as wire transfers or large or out-of-the-ordinary withdrawals, transfers or charges.
- New accounts or bills from unknown lenders, which could be a sign that someone might have used your parents’ personal information to open accounts in their names.
- Investment opportunities that sound too good to be true.
- Frequent home repairs if their home is still in good condition.
Keep reading to learn about more signs that your parents are victims of scams or fraud. If you see any of the signs listed above or other changes in your parents’ behavior, don’t blame them for ending up in a bad situation. Simply offer to help them repair the damage.