It is sad but true that swindlers target seniors the most as they deem them as easy preys for their ill intentions. So, it becomes important to protect yourself or someone you love against financial fraud and exploitation. How can you do that? First of all, you need to know the warning signs. Before we take a look at them, you should know that financial abuse can take place in different forms such as identify theft, investment scams, stolen jewelry, fake lottery schemes, forged checks, and in many other ways.

And another sad truth is that most swindlers are not strangers but known individuals such as family members, friends, neighbors, or even caregivers. This is why it is critical to know the warning signs. What are they? Let’s find out!

• A big warning sign is deterioration of mental capacity such as recollection. An older person might have been mentally sharp previously but if he or she starts forgetting things, then this should be taken seriously. We’re not talking about general mental lapses such as forgetting where you last placed your keys. We are talking about lapses, for instance, in which a senior forgets signing on an important financial document. There are a good number of retirees who experience such lapses and therefore should remain under the guidance of a professional who can manage their financial affairs.

• Apart from mental deterioration, a senior or an aging person may become susceptible to financial fraud or abuse due to reduced physical strength. Physical frailty often makes it extremely difficult for seniors to carry out daily chores of the house or take care of the maintenance needs of the house. Dishonest home repair contractors can, for instance, charge hefty amount from seniors or tell them falsely that there is a big plumbing issue in the house. These are warning signs that a senior needs professional service providers to help them with their daily chores.

• There are many seniors who live alone as their relatives live in far off places or in other states. They are not visited by friends and family members as much as they should. Such seniors are susceptible to financial fraud and abuse from strangers who may intentionally befriend them for financial gain. These scammers try to exploit the loneliness of seniors by swindling money out of them in cunning ways.

Apart from these, relatives too can exploit seniors financially. They may gain access to older person’s accounts, personal documents, or financial statements. They can transfer funds into their own accounts or withdraw excessive amounts from a senior’s account.

What should be done to protect an older adult from these risks? Hiring a certified financial planner and fiduciary in San Diego, California is the best choice. The aim of such a financial planner is to enable a senior or an older adult to live life independently, safely, and most importantly, with dignity. From day-to-day financial decision to investment and real estate, a certified fiduciary will take care of everything. If interested, get in touch with Chris Cooper, who is a certified financial planner and fiduciary licensed by the California Fiduciary Bureau.