Sign Up For a Webinar 
While news of the increase in scams and fraud can be disheartening, remaining alert and knowing what resources are available to help prevent scams or fraud in the future is the best you can do to protect yourself.
Additionally, it is a good idea to seek the guidance of a team of individuals you can trust if you are suspicious that you may be a target of a specific scam. Look to your financial advisor, accountant, estate planning attorney, or trusted members of your community for guidance.
Scams come in all shapes and sizes, from text messages from someone purporting to be one of your loved ones, to a phone call alleging they work for your bank, to dating apps or online scams.
The Rise of Medicare Card Scam Calls
Recently, some older New Yorkers are being targeted by a Medicare card scam. Scammers have been calling Medicare recipients and telling them to replace their cards, with the goal of obtaining personal information, such as your social security number or bank details.
First and foremost, Medicare will never call you to replace your card. Before responding to anything of this nature, it’s a good idea to contact Medicare (or whichever institution is claiming to be calling) by calling directly using a phone number posted on the back of your card or statement, to see if the request is legitimate.
What to Do If You Suspect a Scammer
If you’re not sure what to do, check out the resources available to you. FBI.gov has a page dedicated to common elder fraud schemes and ways to protect yourself, as do most financial institutions, AARP, and the New York Department of Aging.
You do not need to respond to anything immediately. Do your research. Remember: government agencies and other trusted organizations will not call, email, or text you out of the blue to ask for your personal information or claim there has been a fraudulent charge on your account and request you to move money.
Plan Ahead to Prevent Future Vulnerability
A loss of capacity due to dementia or other age-related issues can leave someone susceptible to such scams. There are also steps you can take now to help avoid scams and fraud in the future if you should lose capacity. It is strongly recommended that you sign a power of attorney naming an agent whom you completely trust to legally advocate for you and be a second set of eyes when these situations arise.
The increasing use of technology in our day to day lives has created additional threats to our information and financial assets. Most importantly, stay diligent and do not act out of fear. Slow down and use the resources available to you to ward off scammers and protect yourself.
Related Posts
How to Prevent Financial Exploitation
The National Center on Elder Abuse defines financial exploitation, also known as financial abuse, as the “illegal, unauthorized or improper use of an older person’s resources for monetary or personal benefit, profit or gain, or that results in depriving an older person of rightful access to, or use of, benefits, resources, belongings, or assets.”
October 15, 2018
What Does a Power of Attorney Do?
Question: What are the ways a Power of Attorney can help me?
December 18, 2023