Two basic strategies can help seniors and their families lessen the chances of becoming a victim of investment fraud. One is to Practice Self Defense by following five simple steps.
A second strategy involves a broader and more specific approach. Below, the section How Family, Friends, Caregivers, and Investment Professionals Can Help provides questions and checklists that can help protect senior investors.
Taken together, they could go a long way toward helping investors avoid the devastating effects of financial fraud.
First, Practice Self Defense
Don’t be a courtesy victim. Older generations were taught to be courteous at all times, whether guests visit them in person or contact them by phone. Con artists often take advantage of these overly accommodating seniors, exploiting their good manners to get at their money. Remember, strangers who call and ask for your money should be regarded with the utmost caution. The best response is to hang up the phone.