Scammers frequently target older adults, especially those with cognitive impairments. As Sarah Lock from AARP notes, a key sign of cognitive decline can be a change in financial behavior. Studies show that people with conditions like dementia are more likely to experience financial issues, such as missed payments or dropped credit scores, often years before receiving a formal diagnosis.

In response to such scams, experts recommend being proactive in helping loved ones manage finances. Parents may resist involvement in their financial affairs, but careful, respectful intervention can make a difference. Setting up alerts on bank accounts and securing sensitive documents are also crucial steps to take.

It’s also vital to establish a system to monitor accounts, such as receiving duplicate bank statements or using identity protection services. Consider setting up robocall-blocking tools and freezing credit reports to prevent fraud. Most importantly, share basic scam prevention tips with your loved one, such as being suspicious of unsolicited communications, protecting personal information, and consulting trusted individuals if something feels off.

Taking steps now to prepare for cognitive decline can help ensure your loved one’s finances remain protected in the future. Consider designating a financial advocate and having conversations early to safeguard against potential scams.

Check out the full AARP article on this topic here. 

Have questions about how these insights and ideas could impact your personalized wealth management strategy? Let’s talk.

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