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8 min read

How to Protect Your Aging Parents Against Scams and Fraud

By Carefull on 11/4/21 1:30 PM

This article was originally posted by NAIFA partner Carefull. Carefull is the first service built to organize and protect older adults' finances. It is available for individuals, families and financial advisors who need smart financial monitoring, identity theft protection, and bill oversight for older adults' daily money matters.

Scammers love to target older adults. Sure, they’ll go after people of all ages, but con artists often prey on older adults because they assume that seniors are more trusting, more vulnerable, and less likely to report being scammed.   

On top of that, scammers see older adults as prime targets because they think they’re sitting on a pile of retirement cash – cash that they hope to steal. According to a report by the Consumer Financial Protection Bureau, older adults reported $1.7 billion in losses to financial exploitation in 2017 alone, with an average loss among victims of $34,200. And that's only the reported losses — outside researchers estimate that actual annual losses to older adults range from $2.9 billion to $36.6 billion.

Unfortunately, there’s a chance your parents could become a part of those statistics – if they haven’t already. No matter what you do, you can’t protect your parents 100% from becoming victims. However, you can reduce their risk by taking the following steps.

Topics: Avoiding Scams Cybersecurity
3 min read

Avoiding Scams

By Bryan Kuderna, B.Sc., CFP, LUTCF on 7/14/20 9:25 AM

When catastrophe strikes, it’s common nature to feel the urge to band together and unite towards a common goal.  Leaders from small town neighborhoods all the way up to the President have done just that in light of the chaos and confusion created by the novel coronavirus—COVID 19.

Topics: Security Avoiding Scams
2 min read

Avoiding Scams

By NAIFA on 4/21/20 12:07 PM

The District of Columbia Department of Insurance, Securities and Banking has some information concerning student loan debt relief scams which you might want to share with your clients.

Topics: Financial Wellness Avoiding Scams