The first step to build up a family’s defenses is basic training. Many organizations put out material that can be used. The IRS releases a “Dirty Dozen” list of tax scams every year. The Federal Trade Commission has free brochures you can order in bulk. The AARP has a nice brochure on common scams, and a special version for veterans. The AARP also has a “Con Artist’s Playbook” that describes how fraudsters pull off their scams.
These articles and brochures are all quick reads. Providing clients with links or the pdfs is a good place to start preparing them to deter fraud.
Things get more difficult when a client’s mental faculties decline. One of the most disturbing aspects of dementia is a change in personality. Dad was an accomplished engineer. He was very thorough, analytic and skeptical. Dementia destroyed his “BS meter.” He would accept as truth, the word of parties he would not have given the time of day to in his more lucid days. As was painfully clear with my dad, planners and clients must understand that we cannot train a malfunctioning brain to be discerning or logical.
When cognitive decline happens, awareness is not enough. Some direct action is in order. Here are a few things to ask clients to consider.
Get caller ID—preferably one that integrates with the television. Many seniors with cognitive issues can be taught to not answer the phone unless they recognize the name on the caller ID. If its important, the caller will leave a message. In extreme cases, have the phone calls forwarded to a family member that can serve as a receptionist of sorts.
Put their number on the do not call list. Scammers don’t care about do not call lists but this will cut down on the number of unwanted calls. Donotcall.gov or 888-382-1222.
Verify charities are legitimate. Some charities are exempt from the do not call list and charity scams are common. Charitywatch.org and charitynavigator.org can help assess a potential charity.
“Opt out” of prescreened credit offers. This prevents clients from receiving credit offers they did not initiate. Optoutprescreen.com or 888-5-opt-out.
Put on credit freezes. These are now free. Identity thieves won’t be able to open bogus credit accounts in a client’s name because the credit bureau wont release the client’s credit profile if under a security freeze. Freeze at all three of the major credit bureaus.
TransUnion: TransUnion.com/credit-freeze. The company also has a free-freeze mobile app called myTransUnion, available at the Google Play Store and the Apple App Store.