Momentum - Business to Business Online Magazine MOMENTUM August 2018 | Page 23

Help Protect Vulnerable
Family Members From
Scam Artists
Submitted By: Roy Salas
Edward Jones
If you have older family members whose cognitive functions
or decision-making abilities have declined, or who are lonely
or recently widowed, you might need to help protect them
against financial scams. What steps should you take?
First of all, try to gain a good sense of their overall financial
activity. Look for red flags, such as a reluctance to discuss
money matters, consistently unpaid bills, unexplained
withdrawals, mysterious wire transfers or a sudden need to
purchase large quantities of gift cards. And watch out for new
“best friends” or caretakers who show an unusual interest in
your loved one’s finances.
Whether or not you’ve observed any of these activities, you
can help your elderly family members by making these moves:
Have checks (such as Social Security payments) directly
deposited. You can help your family members avoid a lot of
potential trouble by having their checks deposited directly
into their bank accounts. 
Seek permission to become a joint account owner. By
becoming a joint account owner on your elderly family
members’ checking and savings accounts, you can review
statements for suspicious activity. Of course, your loved ones
may be initially reluctant to add your name, but if you have a
good relationship with them, you should be able to explain
the benefits. 
Shred bank statements, credit card offers and notices of
lottery or sweepstakes winnings. One of the most useful
gifts you can give to your elderly family members may be a
shredder. Encourage them to use it to shred old bank
statements, credit card offers and other financial documents.
Get on a “do not call” list. Telephone scammers are
persistent and devious. By registering your family members’
house and cell phones at www.donotcall.gov, you may be
able to reduce their exposure to unwanted calls.
Obtain power of attorney. By creating a power of
attorney, your loved ones can designate you or another
trusted relative or friend to assist with their finances now
– for day-to-day assistance and protection from
s c a m m e r s – a n d l a t e r, s h o u l d t h e y b e c o m e
incapacitated. Again, you will need to employ some
sensitivity when discussing this issue.
Check references of caretakers. As mentioned above,
some caretakers are, unfortunately, dishonest. Before
you hire one, check out this person’s references. And
even when you do, be careful – scam artists have been
known to use accomplices as references, so you will
need to be thorough in your research and questions.
Get to know your family members’ financial advisors.
If possible, become acquainted with your older family
members’ financial advisors. Any reputable advisor will
welcome a connection with their clients’ loved ones.
And if you are involved in any estate plans, this multi-
generational relationship will prove beneficial for
everyone.
Ask to meet any new "friends" they have met online.
When someone is lonely, they become vulnerable to
online friendships. Sometimes, these new friends make
promises of meeting, but never show – and then they
suddenly need money for one reason or another.
It can be challenging to guard against all threats posed
by the scammers of the world. But by staying alert and
taking the appropriate preventive actions, you may be
able to help safeguard your loved ones’ financial
security.

This article was written by Edward Jones for use by your
local Edward Jones Financial Advisor.
MOMENTUM / August 2018
22