"After all, there is ample evidence of elder fraud, a fact underscored by a recent analysis from the Federal Trade Commission. The FTC report shows a huge jump in scam-related losses reported by people 60 and over. From 2020 to 2024, the number of reports from older adults who lost $10,000 or more to imposter scams increased more than fourfold, and the losses of more than $100,000 from imposter scams increased eight-fold to $445 million in 2024."
"Although my mother was not a victim, her call prompted an all hands-on-deck meeting with her, me and my sister. Our goal was to create a Family CFO chief financial officer checklist, which would allow the three of us to get on the same page with information. The most powerful protection against most financial fraud isn't a sophisticated security system or an expensive monitoring service. It's a conversation among family members who can flag issues before they become problems."
A suspicious Medicare call raised concern about elder scams and prompted family coordination. Federal Trade Commission data show scam-related losses among people 60 and older surged between 2020 and 2024, with reports of losses of $10,000 or more to imposter scams rising more than fourfold and losses over $100,000 increasing eightfold to $445 million in 2024. The family created a Family CFO checklist to consolidate account access and information. The Consumer Financial Protection Bureau recommends three essential questions: know account numbers and access, understand property and beneficiaries, and know where household income is deposited. After gathering information, families can implement safety measures and add trusted contacts for monitoring and emergency assistance.
Read at www.mercurynews.com
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