The Social Security Administration is reminding older citizens of the growing issue that is financial crime. Financial scams are affecting older individuals, especially those living with dementia. As cognitive and mental functions fade, these citizens become more vulnerable to someone acting maliciously.
Jack Myers, Public Affairs Specialist for the Social Security Administration says victims of fraud who are 80 years of age or older lose an average of $39,200 every year. Many times these crimes go unnoticed as the funds make their way out of innocent people's accounts.
Those looking after a person with dementia will often need to be aware of their financial information to be aware of discrepancies that may be a sign of financial abuse. Myers notes that the advice given will require difficult conversations that may regard the independence of an individual.
Myers recommends that those who are vulnerable to financial scams to also sign up for the “Do Not Call” program that will shield that person from unnecessary fraudulent calls, Myers notes that the Do Not Call site will not end all scam calls.
For information about financial scams visit the Social Security Website at www.ssa.gov.
Jack Myers appeared as a guest on the WTIM Morning Show.