Financial safety is a major concern for seniors and their caregivers, especially as older adults are often the primary targets of scams and financial exploitation.
That’s why The Kensington Redondo Beach has partnered with WayWiser, an organization committed to protecting seniors from financial exploitation. Together, we’re hosting a two-part interactive virtual workshop series for caregivers on the financial safety of their aging loved ones.
Our guest panel includes experts:
- Lindsay Faeder, CEO of WayWiser
- Tiffany Fernandez, COO of WayWiser
- Christine Kieffer, FINRA Investor Education Foundation
- Luis Carvajal-Kim, Cyber Security Executive & Former Cyber Counterintelligence Special Agent
- Kristin Owens, Former NY Federal Reserve
- Tami Anastasia, Dementia Caregiver Support Counselor
RSVP for the second part of our Financial Safety of an Aging Loved One with WayWiser, “The Best Offense is a Good Defense” on May 18, 2023, at 3:00 pm PDT.
Recap of Part I: “Knowledge is Power”
This presentation broke down the most common types of senior fraud and how to best protect your loved one’s personal information. Featured guests included Luis Carvajal-Kim, Cyber Security Executive, and Christine Kieffer of FINRA Investor Education Foundation.
Common types of fraud targeting seniors
Financial fraud targeting seniors is a growing concern, as our loved ones can be more vulnerable to online and phone scams and financial exploitation.
Did you know that elder financial abuse accounts for more than $3 billion lost each year? Seniors targeted by scammers suffer an average loss of $34,200.
The most common types of fraud targeting seniors often involve scammers posing as legitimate experts or representatives from trustworthy organizations.
In these deceptive schemes, fraudsters typically call or email seniors attempting to extract personal information such as Social Security numbers, medical ID numbers, credit card details, and more.
The most common types of fraud targeting seniors also include:
- Telemarketing scams
- Investment scams
- Medicare or health insurance fraud
- Grandparent scams
- Lottery or sweepstakes scams
- Identify theft
- Romance scams and catfishing
Protecting the personal information of aging loved ones
The following are tips to share with your loved ones to keep their personal information safe:
- Encourage them never to share sensitive information over the phone or email unless they initiated the contact first.
- Use strong, unique passwords for online accounts. Use longer combinations of words and avoid common passwords such as names or birthdays.
- Set up two-factor authentication for added security, which sends a text or email to your loved one when they’re trying to log in for extra security.
- Educate them on the importance of being cautious with emails and not clicking on suspicious links in texts or emails, or downloading attachments from unknown senders
- Remind them to constantly update their computer and phone’s operating system to protect against new security threats. Ask them if they’re comfortable with you performing these tasks for them.
Preview of Part II: “The Best Offense is a Good Defense”
The second part of our presentation, “The Best Offense is a Good Defense,” will dive deeper into proactive measures and practical strategies to protect your loved one from financial fraud.
This session aims to equip caregivers and their family members with the knowledge and tools to address potential risks and have effective conversations with their aging loved ones.
This will include learning how to change mindsets and learn how to understand the importance of being proactive when it comes to financial safety.
Recognizing red flags
Learn to identify warning signs that may indicate your loved one is being targeted or has fallen victim to a scam, such as:
- Unusual changes in loved one’s spending habits or financial accounts
- Sudden withdrawals or transfers from bank accounts
- Frequent calls or visits from salespeople from unfamiliar organizations
- Signs of anxiety or distress when discussing finances
Communicating with seniors
Learn tips for initiating and navigating sensitive conversations about financial safety and fraud prevention such as:
- Approaching the topic with empathy and understanding
- Using non-confrontational language
- Share the personal experiences of others to illustrate the risks of financial scams
- Offer to help with financial tasks and monitoring their accounts
- Regularly check in to discuss concerns or potential issues
Building a strong defense
Learn how to implement protective measures to minimize the risks of senior financial exploration such as:
- Setting up fraud alerts on credit reports
- Limiting access to personal and financial information
- Using strong and unique passwords for online accounts
- Setting up two-factor authentication for added security
- Regularly reviewing financial statements for suspicious activities
Safe resources for financial planning
Learn insights from professionals in the fields of cybersecurity, finance, and caregiving with our panel of experts to enhance the safety of your aging loved one.
We’ll also discuss how trust officers, money managers, and estate administrators can help your loved one manage their finances and protect themselves from fraud.
Trust Officers: Assisting clients with financial decisions
Trust officers are financial professionals who play a central role in assisting their clients with financial decisions such as:
- Creating, managing, and administering trusts to protect assets
- Offer guidance on estate planning, including wells and beneficiary designations
- Collaborate with legal and tax professionals
- Provide oversight and advice to minimize the risk of financial exploitation
Money Managers: Day-to-day finance organization and management
Money managers are experts in daily finance organization and management, helping your loved one with financial services such as:
- Assisting with budgeting, paying bills, and tracking expenses
- Monitoring investments and financial accounts for fraud
- Help establish and maintain a system for organizing financial records and documents
- Act as an intermediary between your loved one and financial institutions to reduce the risk of scams
Estate Administrators: Long-term financial goal navigation
Estate administrators are professionals who specialize in navigating long-term financial goals. They develop and implement long-term income financial plans to help your loved one pay for healthcare expenses, account for their retirement income, and coordinate with legal professionals for proper estate planning.
The Kensington Redondo Beach: Your partners in care and senior financial safety
The Kensington Redondo Beach is an assisted living and memory care community dedicated to promoting senior financial safety and supporting their families as they navigate the challenges of financial security.
Our Promise is to love and care for your family as we do our own.
The Kensington Redondo Beach is committed to providing valuable resources such as Kensington Konnect, a hub for caregivers, and our ongoing educational series, which address critical issues such as financial exploitation, caregiver tips, and the latest research and tips from today’s leading senior care experts.
Our community offers a range of services that include rehabilitation services onsite, two neighborhoods of Alzheimer’s care, memory care, and dementia support to provide high-quality living experiences for seniors.
Don’t miss out on the opportunity to learn more about protecting your aging loved ones from financial exploitation.
RSVP for the second part of the event series, “The Best Offense is a Good Defense” and gain invaluable insights into safeguarding your loved one’s financial well-being.
If you’re interested in exploring floor plans or learning more about our exceptional services, please reach out to our team today.