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People with dementia are at higher risk for fraud due to cognitive decline affecting their decision-making abilities and financial judgment. As memory and thinking skills deteriorate, individuals may struggle to recognize scams or manage their finances effectively. Additionally, changes in the brain associated with Alzheimer\u2019s disease, even before clinical symptoms appear, can increase vulnerability to financial exploitation.<\/p>\n
Steps for Preventing Financial Fraud<\/p>\n
Set Up Financial Safeguards<\/p>\n
Establish durable power of attorney on key accounts
\nAdd trusted contacts to financial accounts
\nSet up dual signature requirements for large withdrawals
\nCreate daily withdrawal limits monitored by a trusted person
\nUpdate your estate plan<\/p>\n
Simplify Financial Management<\/p>\n
Set up automatic bill payments
\nCancel unused or extra credit cards
\nConsolidate accounts for simplicity and easier monitoring<\/p>\n
Monitor Financial Activity<\/p>\n
Regularly review bank statements and credit card activity and set up alerts
\nCheck credit reports for unexplained debts and place a security freeze to prevent any new credit accounts
\nWatch for signs of financial exploitation (e.g., unopened bills, unusual purchases, unexplained withdrawals)<\/p>\n
Protect Personal Information<\/p>\n
Never share sensitive information (Social Security #, account details) with unsolicited callers or emails Gaining Knowledge<\/p>\n Utilize Community Resources<\/p>\n Engage with local support services for money management assistance Be Aware of Scams<\/p>\n Tech support scams Educate and Communicate<\/p>\n Discuss potential fraud risks with the older adult Teach Social Media Safety<\/p>\n Be cautious when accepting friend requests Enhance Banking Security<\/p>\n Choose a bank with age-friendly services and staff trained in elder fraud prevention Stay Informed<\/p>\n Keep up to date on local scams targeting older adults Create a Support Network<\/p>\n Hold regular family financial meetings For personalized support, call us at\u00a0858.492.4400<\/a>\u00a0to speak with one of our\u00a0Dementia Care Coaches<\/a>\u00a0who are here to help San Diego County residents and\/or those caring for someone living in San Diego County (Spanish speakers available). Also check out our free\u00a0education classes<\/a>,\u00a0social activities<\/a>,\u00a0caregiver support groups<\/a>, &\u00a0more<\/a>.<\/p>\n This information was put together in collaboration with Alzheimer\u2019s Orange County<\/a> and Alzheimer\u2019s Los Angeles<\/a>.<\/p>\n
\nShred or properly dispose of documents containing personal information
\nUse a locked file cabinet for important financial documents
\nSign up for the National Do Not Call Registry<\/a><\/p>\n
\nConnect with Alzheimer\u2019s San Diego for financial planning guidance<\/p>\n
\nFraudulent prizes or sweepstakes
\nPhony home or auto repair offers
\nGovernment impersonator scams
\nRomance scams: Online and mail romantic relationships with people who they have not met
\nGrandparent scams: Impersonating grandchildren who call in urgent need of help
\nText messages from unknown numbers with links impersonating trusted sources about money<\/p>\n
\nEncourage them to consult a trusted person before making financial decisions
\nExplain that legitimate offers don\u2019t come with urgent deadlines<\/p>\n
\nDo not click on suspicious links, especially those shared in comments on posts
\nBe aware that information you share on social media is public<\/p>\n
\nOpt for in-person banking if online services are challenging<\/p>\n
\nReview resources from trusted organizations like the Consumer Financial Protection Bureau<\/p>\n
\nDesignate multiple trusted individuals to oversee finances<\/p>\n